SINGAPORE (May 4): Analysts are keeping a rather neutral stance on DBS Group following the group’s 29% y-o-y drop in 1Q earnings and uncertainties from the Covid-19 outbreak.

Despite the bank’s drop in earnings, it is keeping its dividend for the quarter at 33 cents per share.

DBS CEO Piyush Gupta said that while the bank’s expenses will be tightened, there will be no retrenchments or pay cuts, although discretionary non-staff costs will be reduced. Investments will be prioritised, and bonuses will be aligned to earnings, said Gupta in his commentary in the bank’s earnings announcement.

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