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HomebanksOne of Asia's major banks just sacrificed profits to finally put bad...

One of Asia’s major banks just sacrificed profits to finally put bad loans behind it

  • Southeast Asia's largest bank, DBS Group Holdings, unexpectedly set aside another 815 million Singapore dollars ($597.4 million) to cover for bad loans from the troubled oil and gas sector
  • The decision resulted in a 23 percent year-on-year fall in third-quarter net profit to 822 million Singapore dollars ($602.2 million) — the worst showing among Singapore's three largest banks
  • But that means there will likely not be further impairments from the troubled sector and investors can focus on the bank's operating performance and digital agenda, DBS CEO Piyush Gupta said

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