The bank has guided that total allowances over 2020 to 2021 is likely to be in the middle of the $3 billion to $5 billion range.
DBS Group Holdings has reported earnings or net profit of $4.72 billion for the FY2020 ended December, 26% lower y-o-y than net profit of $6.39 billion a year ago. This was due to a 27 basis point decline in net interest margin (NIM) to 1.62% and over four times in allowances of $3.07 billion.
During the year, general allowances of $1.71 billion were set aside as provisions.
