The Singaporean group’s net profit fell by over a quarter to SG$ 2.43 billion (US$1.77 billion) in 1H 20 compared to a year ago as its allowances rose five-fold to SG$ 1.94billion, two-thirds of which were for risks arising from Covid-19.

Total income rose seven percent to SG$7.75 billion year-on-year (YoY) while expenses were stable at SG$3.04 billion. As global interest rates dropped and regional lockdowns occurred in Q2, the growth achieved between January and March was greatly counteracted. Net interest income was up one percent to SG$4.79 billion YoY as ‘higher loan and deposit volumes were offset by a lower net interest margin in the second quarter,’ the bank’s report read. The margin fell 16 basis point

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