DBS net profit falls 33%, enters top 5 Apac issuer ranking

DBS Group has reported a drop in net profit 33% to SG$1.01 billion (US$760m) in Q4 FY20 ended in December 2020 year-on-year (YoY) due to ‘a lower net interest margin and higher total allowances’. This brings the full-year net profit to SG$4.72 billion, down 26% YoY. The Singaporean bank, led by DBS Group CEO Piyush Gupta (pictured),  finished 2020 in the top five issuer ranking for Asia Pacific for the first time on the back of more than 4,600 products worth an estimated US$12.