DBS, the Singaporean bank and the largest in Southeast Asia in terms of assets, saw increased profit in 2011 owing mostly to strong loan growth. 

Net earnings for the year to December 2011 went up 15 per cent from the previous year to S$3.04 billion ($2.4 billion). In a press release, DBS said this is the first time earnings crossed the S$3 billion mark, propelling its total income to a new high of S$7.63 billion. 

Net interest income rose 12 per cent to a record S$4.83 billion, helped by loans which grew 28 per cent to S$195 billion. Net fee and commission income also went up 10 per cent for the year from higher contributions from various divisions, including wealth management, trade and remittances and investment banking. 

For the year, wealth management income rose 41 per cent from 2010 to S$192 million, investment banking increased 21 per cent to S$187 million, while loan-related activity grew 8 per cent to S$359 million. Trade and remittances figured 25 per cent higher at S$284 million. 

In a separate announcement, the bank said that its China franchise saw its full-year net profit cross the RMB500 million mark for the first time on a 65 per cent jump in revenues year-on-year. In 2011, DBS China opened eight new branches, bringing its total network in the country to 25 outlets. Expansion efforts led the bank to acquire around 16,000 new clients and increase staff numbers by 42 per cent. Deposits were up 40 per cent from the previous year. Now, Mainland China is the third largest contributor to the DBS Group. 

"Over the year, our regional franchise performed well," said Piyush Gupta, chief executive of DBS. "Nevertheless, there is much more to be done as we remain steadfast in our ambition to become a leading Asian bank."

DBS launched its Asian growth strategy in 2010, with a focus on regional wealth management, SME, treasury, markets and global transaction services. Just recently, the bank opened its first wholly-owned subsidiary in Taiwan as part of its commitment to grow in the Greater China region. It has over 200 branches across 15 markets across Asia.