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Login 2026-03-30 10:03 DBS full - year 2020 net profit at SGD 4.72 billion , operating profit before allowances at record despite headwinds from Covid - 1 ... Search Media > Listing DBS full - year 2020 net profit at SGD 4.72 billion , operating profit before allowances at record despite headwinds from Covid - 19 and lower rates | Fourth - quarter net profit at SGD 1.01 billion Singapore , Hong Kong , Indonesia , India , China , Taiwan , 10 Feb 2021 - DBS Group reported net profit of SGD 4.72 billion for full - year 2020 , 26 % below the previous year's record . Total allowances more than quadrupled to SGD 3.07 billion as general allowances of SGD 1.71 billion were conservatively set aside for potential risks arising from the pandemic . Profit before allowances rose 2 % to a new high of SGD 8.43 billion . Total income was stable at SGD 14.6 billion despite the economic disruption caused by the pandemic . Net interest income fell 6 % as a 27 basis point fall in net interest margin was partially offset by constant currency loan growth of 4 % . Fee income was stable while other non - interest income rose 32 % as gains from investment securities tripled . Expenses declined 2 % to SGD 6.16 billion as costs were kept in check . For the fourth quarter , net profit fell 33 % from a year ago to SGD 1.01 billion due to a lower net interest margin and higher total allowances . Business momentum was healthy with broad - based loan growth and resilient fee income . Lakshmi Vilas Bank ( LVB ) was amalgamated on 27 November 2020 with provisional goodwill of SGD 153 million . The fourth - quarter results included amalgamation expenses of SGD 33 million and general allowances of SGD 87 million . Net interest income Full - year net interest income fell 6 % to SGD 9.08 billion . Net interest margin was 27 basis points lower at 1.62 % , with most of the decline occurring in the second and third quarters as central banks slashed interest rates at the end of the first quarter . The lower interest rates more than offset the impact of higher loan volumes and record growth in current and savings accounts ( Casa ) . https : //www.dbs.com/newsroom/DBS_full_year_2020_net_profit_at_SGD_4_72_billion_operating_profit_before_allowances_at_record_despite_h ... 1/7 17