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UPDATE 1-Singapore’s DBS Q2 profit beats estimates as business activity improves

Singapore’s DBS Group Holdings reported a 22% fall in second-quarter net profit on Thursday as it increased loan loss allowances in a pandemic-hit market, but its profit came just above market estimates and rose from the preceding quarter. Piyush Gupta, CEO of Southeast Asia’s biggest lender, said in a statement that the operating trends were in line with the bank’s guidance and several fee income streams were improving from troughs in April as economies emerge from lockdowns. DBS reported profit for the June quarter fell to S$1.25 billion ($913 million) from S$1.6 billion a year earlier, and versus an average estimate of S$1.19 billion from five analysts, according to Refinitiv data. The profit was above the first-quarter’s S$1.16 billion number. Loan loss allowances also declined quarter on quarter. Analysts had said uninspiring results could add to investor disenchantment with lenders after the city-state’s central bank capped their dividends last week, sparking a sell-off in their shares. ($1 = 1.3693 Singapore dollars) (Reporting by Anshuman Daga; Editing by Tom Hogue and Muralikumar Anantharaman) Our Standards:The Thomson Reuters Trust Principles.0 : 0narrow-browser-and-phonemedium-browser-and-portrait-tabletlandscape-tabletmedium-wide-browserwide-browser-and-largermedium-browser-and-landscape-tabletmedium-wide-browser-and-largerabove-phoneportrait-tablet-and-aboveabove-portrait-tabletlandscape-tablet-and-abovelandscape-tablet-and-medium-wide-browserportrait-tablet-and-belowlandscape-tablet-and-belowAppsNewslettersAdvertise with UsAdvertising GuidelinesCookiesTerms of UsePrivacyDo Not Sell My Personal InformationAll quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. © 2020 Reuters. 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