Singapore  - Singapore's DBS Bank, one of the leading lenders in Asia, Friday posted a 28-per-cent slump in net profit for the first quarter of 2009, as allowances for credit and other losses nearly tripled.

From January to March net profit fell to 433 million Singapore dollars (294 million US dollars), down from 603 million Singapore dollars for the same quarter 2008, the bank said.

The net profit figures had included a one-time charge of 23 million Singapore dollars for an investment.

Charges for bad debts reached 414 million Singapore dollars in the first quarter 2009, nearly three times the 140 million Singapore dollars from the same period a year earlier.

With the economic environment remaining uncertain, operating conditions would continue to be challenging, Singapore's biggest bank said in a statement.

"DBS is one of the best-capitalized banks in Asia and our capital ratios and underlying earnings remain strong," chairman Koh Boon Hwee said.

"Given continuing uncertainties over how protracted the downturn will be, we remain vigilant in managing our balance sheet," he added.

Earlier this week, DBS bank's smaller Singapore rivals, United Overseas Bank Group and Oversea-Chinese Banking Corp, had posted a nearly 23-per-cent slide and a 12-per-cent drop in quarterly net profit, respectively. (dpa)