Half Year 2020 DBS Group Holdings Ltd Earnings Media Briefing Transcript
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.
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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