Singapore banks DBS, UOB post double-digit declines in Q2 net profit

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Singapore banks DBS, UOB post double-digit declines in Q2 net profit

Two of Singapore’s largest banks have spelled out the damage the COVID-19 pandemic has caused to their balance sheets. Net profit for DBS and UOB slipped by double digits in the second quarter. Singapore’s largest lender DBS’ Q2 net profit came in at S$1.25 billion — a 22% slide from a year ago. Meanwhile, UOB saw a 40% in Q2 net profit to S$703 million due to lower margins and higher credit costs. DBS will pay a dividend of 18 cents per share for the second quarter, while UOB will pay 39 cents per share.

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