Summary
SINGAPORE: DBS Group, Singapore’s largest bank, increased its general allowance reserves amid economic uncertainties, reporting a 2% decline in first-quarter net profit to S$2.9 billion, although it surpassed expectations. CEO Tan Su Shan noted that heightened trade tensions have contributed to macroeconomic risks, prompting a prudent approach to risk management. Despite the challenges, DBS achieved a record profit before tax of S$3.44 billion, driven by strong business growth, and declared dividends totaling 75 cents per share, while its return on equity fell to 17.3%.
