SINGAPORE (Apr 30): DBS Group Holdings has reported earnings of $1.17 billion for 1Q2020, down 29% y-o-y, as it “pre-emptively” set aside $703 million in general reserves to buffer potential risks arising from the Covid-19 outbreak.

However, the bank is keeping its dividend for the quarter at 33 cents per share.

The bank now has total allowances of $1.09 billion, which includes $383 million in specific allowances, mainly for new exposures recognised as non-performing during the quarter. Among the three local banks, DBS has the largest exposure of US$290 million to beleaguered oil trader Hin Leong, which went into judicial management last week.

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