Singapore's DBS bank posts 29% fall in first-quarter net profit [CNBC]
SINGAPORE EXCH UNSP/ADR (SPXCY)
NASDAQ:AMEX Investor Relations:
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Source: CNBC
Key PointsThe logo of DBS, Singapore's largest bank.Roslan Rahman | AFP | Getty ImagesSoutheast Asia's largest bank,DBS said two-thirds of the money it set aside — around 703 million Singapore dollars ($498.2 million) — were for "general allowances to anticipate a deeper and more prolonged economic impact from the pandemic." The remaining amount of 383 million Singapore dollars ($271.4 million) was mainly "for new exposures recognised as non-performing during the quarter."The bank didn't specify any names, but it was reportedly among the 23 lenders that Singaporean oil trader Hin Leong owed money to. Various media and analyst reports put DBS' exposure to Hin Leong at around $290 million.Here are the other financial metrics from DBS that investors were looking out for:DBS kicks offearnings reporting seasonUnited Overseas BankOversea-Chinese Banking CorpThe banks' earnings reports come as the outlook for Singapore's economy dims followinglockdown measures domesticallymuch of global econ
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