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Singapore's DBS Q1 profit falls 29% on coronavirus loan loss provisions

Reuters SG
·1-min read

SINGAPORE, April 30 (Reuters) - Singapore's DBS Group Holdings set aside S$1.09 billion ($772.5 million)to cover the impact of the coronavirus pandemic as Southeast Asia's biggest lender reported a 29% fall in first-quarter profit.

DBS said provisions for credit losses surged in January-March from S$76 million a year earlier. They were well above an average estimate of S$605 million, according to Refinitiv data.

The bank reported first-quarter profit of S$1.16 billion compared with S$1.65 billion a year earlier, in line with an average estimate of S$1.13 billion from four analysts, according to Refinitiv data. ($1 = 1.4110 Singapore dollars) (Reporting by Anshuman Daga; Editing by Kim Coghill)