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DBS reports Q4 earnings, 2020 outlook as coronavirus spreads

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DBS Group Holdings in the central business district of Singapore.

Nicky Loh | Bloomberg | Getty Images

The ongoing spread of a new coronavirus disease, recently named COVID-19, could hit the revenue of Southeast Asia’s largest bank this year, its chief executive said on Thursday.

Piyush Gupta, the CEO of Singaporean bank DBS, said the impact on its full-year revenue is estimated to be 1% to 2%, assuming the virus outbreak is controlled by summer. Much of that impact will come from areas such as the bank’s credit card and wealth management businesses, said Gupta.

“It’s kind of hard to call how long this crisis will last and what the full scale and impact of this might be,” he told CNBC’s “Capital Connection.”

“There’s certainly some business lines where you can see the slowdown in. The obvious one is credit card where fewer people are going out to restaurants, fewer people are buying things in the shops — that obviously filters through to our card spend and our fees,” he said.

In the wealth management space, he attributed a fall in activity to “psychology,” explaining that clients tend to hold back…



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https://www.cnbc.com/2020/02/13/dbs-reports-q4-earnings-2020-outlook-as-coronavirus-spreads.html

Production report for January 2020 Oslo Stock Exchange:IOX

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