SINGAPORE. Aug 7: A surge in the total profits of the halftime score of Singapore's four major banks has proved that the country's banks have made a brisk recovery from the worst downturn the city state has ever had. reports Xinhua.

With four of the five banking groups having reported their, interim 1999 results, their total profits of 1.36 billion Singapore dollars {about 810 million US dollars) have already well exceeded the 1.2 billion Singapore dollars (about 714 million US dollars) the five largest banks made last year.

The Development Bank of Singapore (DBS), the largest in the country and the first to report interim earnings among the five, reaped 655 million Singapore dollars (about 390 million US dollars) in interim net profit, a 301-per cent leap compared to the same period of

The Keppel TatLee Bank (KTL) posted a 293-per cent jump in net interim profit.

The United Overseas Bank (UOB) registered a 24.5-per cent hike in net profit to 320 million Singapore dollars (about 190 million US dollars).

The Bank of the Overseas Chinese Banking Corporation (OCBC) recorded a 21,8-per cent rise in net interim profit to 269.2 million Singapore dollars (about 160 million US dollars).

Analysts attributed their better-than expected performance to their well-capitalised strength and their way in which they manage business.

Observers noted that local bankers pursued their earnings by pulling back loans fiercely, making adequate. provisions, squeezing depositors and borrowers ana cutting staff salaries and these measures • have paid off.