DBS Group Holdings Ltd saw its net income fall 22% from a year earlier and United Overseas Bank Ltd (UOB) posted a 40% drop as a slump in lending income added to their woes, results for the three months ended June 30 showed.
SINGAPORE: Two of Singapore’s largest banks laid out the damage to their balance sheets caused by the pandemic, reporting the second straight quarterly plunge in profits and another surge in bad-debt provisions.
DBS Group Holdings Ltd saw its net income fall 22% from a year earlier and United Overseas Bank Ltd (UOB) posted a 40% drop as a slump in lending income added to their woes, results for the three months ended June 30 showed.
Still, chief executive officers of both banks signalled they can weather the economic storm, maintaining earlier guidance on credit costs. That helped the shares gain, with DBS rising as much as 2.6%.
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