SUBSCRIBERS
Provisions offer clue to oil & gas sector turning the corner
Published Tue, Nov 14, 2017 · 09:50 PM
Singapore
MARKETS were taken by surprise early last week when DBS Group Holdings unveiled a decisive move to clean up its exposure to troubled borrowers in the oil-and-gas sector.
The bank nearly doubled its provisions for bad debts to S$815 million as it classified residual weak oil-and-gas support services exposures as non-performing assets, and booked, as a result, an unexpected 23 per cent drop in third-quarter earnings.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Carnival’s Princess brand revises 2025 world cruise routes amid Red Sea tensions
Google to pay up to US$6 million to News Corp for new AI content, The Information reports
Restaurant Brands tops estimates as Burger King overhaul pays off
Yen falls after suspected intervention on Monday; eyes on Fed
US: Wall St opens lower on labour costs data
TikTok shop tops 500,000 US sellers after 2023 e-commerce launch