DBS Bank in Singapore reported that its first-quarter profit fell over 29% ( around $829.2 million) in the first quarter in January-March this year. The bank further stated that it had earlier set aside 1.09 billion Singapore dollars ($772.5 million) to aid the losses that occurred by the COVID-19 pandemic.
According to the DBS, the two-thirds of the money — around 703 million Singapore dollars ($498.2 million) — were for “general allowances to anticipate a deeper and more prolonged economic impact from the pandemic." This remaining amount of 383 million Singapore dollars ($271.4 million) was mainly “for new exposures recognized as non-performing during the quarter.