Singaporean bank DBS posted a 14% year-on-year rise in fourth-quarter net profit to 1.51 billion Singapore dollars ($1.09 billion), beating estimates.
, said the impact on its full-year revenue is estimated to be 1% to 2%, assuming the virus outbreak is controlled by summer. Much of that impact will come from areas such as the bank's credit card and wealth management businesses, said Gupta.
In the wealth management space, he attributed a fall in activity to "psychology," explaining that clients tend to hold back investing when there's "doom and gloom." Total income for the October-to-December quarter rose 7% year-on-year to 3.46 billion Singapore dollars, helped by growth in loans and fee income business.was down by 0.18%.
On that front, the CEO announced that DBS would allow certain clients to suspend their loan repayments for six months. Such an arrangement — subject to criteria such as credit profile — is available for property loans for small and medium-sized enterprises in Singapore and Hong Kong, and mortgages for retail customers in Singapore.
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