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DBS takes one-off commodity charges in China: CEO

Tuesday, February 10, 2015 - 11:35
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DBS Group Holdings, Singapore's biggest bank, took some charges on the commodity sector in China in its fourth quarter results, but sees no big downside, its chief executive officer said on Tuesday.

[SINGAPORE] DBS Group Holdings, Singapore's biggest bank, took some charges on the commodity sector in China in its fourth quarter results, but sees no big downside, its chief executive officer said on Tuesday. "We saw some one-offs in our China book related to the commodity complex," Piyush Gupta told a news conference, adding that the bank had also seen some one-offs in Indonesia. "On the portfolio as a whole, in consumer, SME (small and medium enterprise), corporate, in terms of delinquencies, in terms of general stress, we are not seeing anything there. It continues to be relatively solid and strong." The bank reported a small rise in core fourth-quarter net profit but fell short of analysts' estimates on a jump in provisions for non-performing loans in China and Singapore.

REUTERS