DBS, Southeast Asia's largest bank, said it set aside 1.09 billion Singapore dollars ($772.5 million) to cover potential losses from the coronavirus pandemic.
DBS said on Thursday that its first-quarter net profit fell 29% year-over-year to 1.17 billion Singapore dollars in January-March this year.
DBS said two-thirds of that money were for "general allowances to anticipate a deeper and more prolonged economic impact from the pandemic," while the remaining was mainly "for new exposures recognised as non-performing during the quarter."Southeast Asia's largest bank, DBS said two-thirds of the money it set aside — around 703 million Singapore dollars — were for "general allowances to anticipate a deeper and more prolonged economic impact from the pandemic." The remaining amount of 383 million Singapore dollars was mainly "for new exposures recognised as non-performing during the quarter."
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