Finance

Singapore banks DBS, UOB report second-quarter 2020 earnings results

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The building of DBS, Singapore’s largest bank, at the city state’s central business district.

Suhaimi Abdullah | Getty Images News | Getty Images

DBS Group Holdings, the largest bank in Singapore and Southeast Asia, reported a 22% fall in second-quarter net profit compared to a year ago as it set aside more money for loan losses that could arise from the economic impact of the coronavirus pandemic.

The bank said on Thursday that net profit fell to 1.25 billion Singapore dollars ($912.9 million) in the April-to-June quarter — down from 1.6 billion Singapore dollars a year ago. It beat Refinitiv estimates of around 1.19 billion Singapore dollars.

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Source cnbc.com

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