DBS misses profit target as O&G inflicts fresh deep wounds

Q3 gain dives 25% to S$802m as group almost doubles specific provisions; income reaches quarterly high of S$3b

Published Mon, Nov 6, 2017 · 09:50 PM

Singapore

STRONG business momentum helped push DBS Group Holdings' Q3 income to a quarterly high of over S$3 billion, but it did not quite take the sting from the bank's near doubling of bad loan charges for its oil and gas support services exposures.

Business momentum has been strong, said DBS chief executive Piyush Gupta on Monday at the bank's Q3 news briefing, as he tried to "refocus" investors on its operating performance and digitalisation agenda.

Loans are expected to grow 7-8 per cent this year and in 2018, and income growth is likely to be around 3 per cent this year and double-digit next year, he said.

As South-east Asia's…