The outlook for banks is closely tied to the outlook for the economy. DBS Group Holdings ticks a few boxes. For one, Singapore has been one of the most successful nations to curb the spread of Covid-19. Among the three local banks, DBS has the largest exposure to Singapore. In FY2019, Singapore contributed more than 70% to its net profit of $6.39 billion. This dipped to 60% for the nine months to Sept 30 due to DBS’s conservative provisioning policy.

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