DBS just released its Q1 2020 results and held its AGM online for the first time. Here is a summary of the outlook for DBS in 2020. Do check up the previous post on the guide to analysing banking stocks part 1 and part 2. There might be a lot of banking jargons here. DBS’s CEO, Piyush Gupta, started off reiterating how DBS has recorded a Y-o-Y double-digit growth rate in 2019 for total income, operating profits and net profits. Earnings and ROE were consistently going up over the past decade. They also managed to hit the target ROE of 13% for FY 2019. In short, DBS’s financial performance has performed really well from 2009 to 2019. DBS’s Q1 2020 Results Fast forward to today, how has DBS’s Q1 results been? Total income for the first quarter came in at $4 billion, 13% higher than the prior year. Profit before allowances was $2.47 billion,...