Feb 10, 2021 / 02:30AM GMT
Karen Ngui - DBS Group Holdings Ltd - MD & Head of Group Strategic Marketing and Communications
Good morning, and a very warm welcome to DBS' Fourth Quarter and Full Year 2020 Financial Results Briefing.
This morning, we announced full year 2020 net profit of $4.72 billion, 26% lower than the previous year's record. We quadrupled allowances to $3.07 billion as we conservatively set aside allowances of $1.7 billion for potential risks arising from the pandemic. Our operating performance was strong with profit before allowances rising to a record high of $8.43 billion. To take us through the numbers, we have with us our CEO, Piyush Gupta; and our CFO, Chng Sok Hui. I'll now hand the time to Sok Hui. Sok Hui, please.
Sok Hui Lim - DBS Group Holdings Ltd - CFO
Thank you. Good morning, everyone, and Happy Lunar New Year in advance. So thank you for joining us for our full year 2020 results briefing.
Full year net profit was 26% lower at $4.72 billion as the bank navigated the COVID pandemic. Operating profit before allowances rose 2% to a
Full Year 2020 DBS Group Holdings Ltd Media Briefing Transcript
Feb 10, 2021
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