DBS Group's profits plummet 29% to $1.165b in Q1

The allocated $700m for COVID-19 risks prompted an increase in general allowance.

DBS Group recorded a 29% plunge in net profit for Q1 2020 to $1.17b, as it pre-emptively allocated $700m for risks arising from the coronavirus pandemic, a bourse filing revealed.

The charge triggered a 29% increase in general allowance to $3.23b to bolster the balance sheet.

Also read: DBS to start closing branches until 4 May

Total income rose 13% to a record $4.02b from $3.55b in Q1 2019 on the back of loan growth, robust fee income and higher investment gains. Net interest income inched up 7% YoY and 2% QoQ to $2.48b, with loans growing 1% from the previous quarter to $369b due to a 5% growth in non-trade corporate loans mostly from Singapore and Hong Kong.

Fee income grew 14% to a record high of $832m, led by a 28% increase in wealth management fees, 17% growth in loan-related fees, and a 64% surge in investment banking fees. On the other hand, card fees slipped 8% due to lower transactions across the region.

Net interest margin ended at 1.86% from 1.88% in Q1 2019. The quarterly dividend remained unchanged at $0.33 per share.

Also Read

Teo Ser Luck re-elected as ISCA president

iFAST Corp net profit leaps nearly five times over in Q1

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit