DBS' H1 net profit nosedives 26% to $2.41b

Uploaded By:  Alyssa Divina Submitted By:  Staff Reporter Case Study:  No The bank has cast aside $1.26b to bolster its balance sheet. DBS has posted a 26% YoY crash in its net profit to $2.41b in H1 from $3.25b in H1 2019 as total allowances jumped five-fold to $1.94b, according to an announcement. The bank has allotted $1.26b in general allowances to fortify its balance sheet against pandemic-led pitfalls. It triggered the increase in the amount of general allowance reserves by 50% to $3.80b, 24% above the minimum requirement set by the Monetary Authority of Singapore (MAS), the bank said. read more