Singapore banks’ Q3 profit beat expectations

DBS Group Holdings posted a 20% drop in third-quarter net profit to US$1.3bil from US$1.63bil a year earlier, as it set aside higher allowances for potential bad loans and lower net interest income.

SINGAPORE: DBS and OCBC saw a fall in third-quarter net profit as they set aside more allowances against potential bad loans amid the coronavirus pandemic, joining United Overseas Bank which reported a day earlier.

But the local banks also struck a cautiously optimistic tone as regional economies pick up pace, and said they have ample provisions to tide through uncertainties ahead.