Singapore bank DBS's profit skids 22% on loan losses, says business steadying
) quarterly profit slumped by a fifth as it boosted loan-loss provisions in pandemic-hit markets, but Southeast Asia’s top lender said bad loans were steady and fee income was rising as economies bounced back from lockdowns.
“DBS did better with help on treasury income and surprisingly was again able to contain costs like Q1,” said Kevin Kwek, a senior analyst at Sanford C. Bernstein. DBS’ net interest margin slumped to 1.62% in the second quarter from 1.91% a year earlier as interest rates fell. The bank expects full-year margin at around 1.6%.
Smaller rival United Overseas Bank missed analysts’ estimates with a 40% fall in quarterly net profit due to lower margins and higher credit costs.
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