DBS beats 4th quarter forecasts

DBS  promised better returns after beating expectations with a 38 percent rise in quarterly profit.

The strong earnings, which came after DBS posted a record net profit in the third quarter, shows CEO Piyush Gupta's strategy of boosting the bank's financial performance since taking over in November 2009 was working, analysts said.

"Overall, the bank delivered a good set of results," said Harsh Wardhan Modi, an analyst at JPMorgan in a note to clients.

He said the net interest income showed stability, up quarter-on-quarter, while the bank is gaining market share and trading income is of higher quality.

"All of these highlight that the bank is executing well on its strategy, which we believe will lead to a multi-year turnaround," Modi said.