Gupta: ‘I don’t think the worst is over.’ – Bloomberg
SINGAPORE: Singapore bank DBS Group Holdings posted its lowest quarterly profit in two years as provisions for soured loans to the city-state’s oil services industry surged, and it joined smaller rival OCBC in forecasting more pain for that sector.
The city-state’s banks, long lauded for their conservative lending practices, have been subjected to a severe test over the past year as a number of local offshore and marine companies have been forced to restructure their loans due to low oil prices, weak charter rates and delays to projects.
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