...November 5, 2020 SINGAPORE (S&P Global Ratings) Nov. 5, 2020--S&P Global Ratings said today that DBS Bank Ltd.'s preemptive loan loss provisioning and good earnings will continue to underpin the ratings (##-/Stable/A-1+). We expect the Singapore-based bank to maintain its leading domestic market position and diversified revenue streams over the next 12-24 months. DBS' third-quarter 2020 results were broadly in line with our expectation, with fee income outperforming our forecast. The bank's net fee income increased 16% quarter on quarter, with wealth management recording strong growth of 24.6% due to post-moratorium pent-up demand. Net profit was up by 4% to Singapore dollar (S$) 1.30 billion on recovering business momentum in DBS' major markets of Singapore and Greater China. DBS continues to consistently build up its general allowances and beef up its nonperforming asset (NPA) coverage. The bank's general allowance reached S$4 billion as of Sept. 30, 2020, from S$2.9 billion as of end-2019,...
