.DBSBank posts 22% fall in Q2 net profit as provisions surge; DPS at 18 cents with scrip scheme applied
DBS on Thursday posted a 22 per cent fall in second-quarter net profit, dragged by further provisions and flat total income.DBS on Thursday posted a 22 per cent fall in second-quarter net profit, dragged by further provisions and flat total income.
The board declared a dividend of 18 cents per share for the second quarter, with the scrip dividend scheme applicable. Scrip dividends will be issued at the average of the closing share prices on Aug 14, 2020 and Aug 17, 2020. The move is in line with MAS’s guidance for local banks to moderate their dividends for 2020.
Net profit for the three months ended June 30, 2020 stood at S$1.25 billion, compared with S$1.60 billion in the same period a year ago. This is slightly under the consensus forecast of S$1.31 billion in net income from three analysts in a Bloomberg poll. 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. Net interest margin fell to 1.62 per cent from 1.91 per cent a year ago, and 1.86 per cent a quarter ago. The one-month Sibor as at Wednesday stood at an all-time record low of 0.25 per cent; the three-month Sibor of 0.43817 per cent was at a level not seen since 2014.
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