DBS Group Holdings, the largest bank in Singapore and Southeast Asia, reported a 22 percent fall in second-quarter net profit compared with a year ago as it set aside more money for loan losses that could arise from the economic impact of the coronavirus pandemic, CNBC reports. The bank said net profit fell to 1.25 billion Singapore dollars (US$912.9 million) in the April-to-June quarter — down from S$1.6 billiona year ago. It beat Refinitiv estimates of around S$1.19 billion. Here are the other financial indicators that DBS reported:Total allowances for loan losses amounted to S$849 (US$620 million) in the second quarter, up from S$251 million s a year ago;Total income was roughly steady at S$3.73 billion;Net interest margin, a measure of lending profitability, dipped to 1.62 percent from 1.91 percent in the year before;Ratio of non-performing loans was at 1.5 percent, unchanged from the previous year. The bank said in a statement that several income streams are improving as economies ease lockdown measures meant to slow the spread of the coronavirus.

Source: The Standard August 06, 2020 02:26 UTC