Half Year 2020 DBS Group Holdings Ltd Earnings Media Briefing Transcript

Aug 06, 2020

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Aug 06, 2020 / 02:30AM GMT
Edna Koh - DBS Bank Ltd. - Executive Director of Group Strategic Marketing & Communications

Good morning, and a very warm welcome to DBS' Second Quarter and First Half 2020 Financial Results Briefing. This morning, we announced first half 2020 net profit of $2.1 billion, 26% lower than a year ago as we conservatively set aside more allowances to fortify our balance sheet. Operating performance was strong with profit before allowances rising 12% to a record.

To take us through the numbers, we have with us our CEO, Piyush Gupta; and our CFO, Chng Sok Hui. So without further ado, Sok Hui, please.

Sok Hui Lim - DBS Group Holdings Ltd - CFO

Thanks, Edna. Good morning, everyone. Thank you for joining us today for our results briefing. First half 2020 was a story of two halves. The first quarter carried over the strong momentum of 2019's record performance that ended with the onset of the global pandemic. The second quarter saw a far more challenging business environment and sharply lower global interest rates. Compared to a year ago, net interest income

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