DBS H120 net income drops by 26% but beats forecasts
Total allowances increase five-fold to S$1.94bn as general allowances of S$1.26bn are set aside to account for the Covid-19 pandemic.
Profit before allowances increase by 12% to a record S$4.71bn. Total income rises by 7% to S$7.75bn while expenses are stable.
Specifically, successful cost-control results in a first half cost-income ratio of 39% from 42%
