Taking a hit: DBS logo is seen at Marina Bay Financial Centre. Singapore’s largest bank may post the steepest profit drop when it kicks off earnings season today. — Bloomberg
SINGAPORE: All three of Singapore’s banks are expected to see profit declines for the first time since 2016 as they set aside cash for a potential spike in bad loans stemming from the coronavirus-fuelled economic slump.
Net income at each lender probably slid between 21% and 28% in the three months ended March 31 from a year earlier, according to the average estimates of six analysts surveyed by Bloomberg.
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