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DBS Q2 profit beats estimates as business picks up

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SINGAPORE: DBS Group reported a 22 per cent fall in second-quarter net profit on Thursday (Aug 6) after shoring up loan loss allowances in a ...

FILE PHOTO: DBS signages are seen in Singapore, October 8, 2019. REUTERS/Feline Lim/File Photo GLOBAL BUSINESS WEEK AHEADSINGAPORE: DBS Group reported a 22 per cent fall in second-quarter net profit on Thursday after shoring up loan loss allowances in a pandemic-hit market, but its profit came just above market estimates and rose from the preceding quarter.

DBS said profit for the June quarter fell to S$1.25 billion from S$1.6 billion a year earlier, and versus an average estimate of S$1.19 billion from five analysts, according to Refinitiv data.The profit was above the first-quarter's S$1.16 billion number. Loan loss allowances also declined quarter on quarter.

He said given the circumstances, DBS' ability to maintain a 10 per cent return on equity would be seen positively especially in light of the recent stock price drop due to a cap on dividends.

 

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