.dbsbank says moratoria still masking Covid-19 damage; Q2 net profit down 22%
Total income for the second quarter was largely flat at S$3.73 billion compared with S$3.71 billion in the year-ago quarter, with both net income and fee income falling from the same period a year ago.
DBS maintained its guidance for the rest of the year from Q1, where it indicated that full-year profit before allowances to be around 2019. The bank's total general provisions as at June 30, 2020 stood at S$3.8 billion, up from S$3.23 billion a quarter ago. On the consumer side, about S$5.7 billion of its loans are on moratorium, with most of it coming from the Singapore mortgage portfolio. Some 86 per cent of all its mortgage loans are owner occupied with loan-to-value limits"below regulatory minimums", he said.
"That is something that we watch and make sure we have a plan to exit in a careful kind of manner," said Mr Gupta.
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