DBS Group Holdings has reported net profit of $1.30 billion for 3QFY2020, up 4% q-o-q, as business momentum recovers.

For 9MFY2020, the bank registered earnings of $3.71 billion, which is 24% lower than the $4.88 billion reported a year ago, owing to the higher allowances.

Total allowances of $554 million were taken during the quarter. Together with the $1.94 billion set aside in 1HFY2020, total allowances for the nine months quadrupled from a year ago to $2.49 billion. 

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