M'sian banks brace as O&G firms restructure debt
Chances are that more loans to the sector are likely to go sour if oil prices do not pick up significantly
Kuala Lumpur
MALAYSIAN lenders are bracing for a hit to profits this year as they bump up provisions for sour loans to the local oil and gas (O&G) services sector that has been battered by the slump in energy prices and cutbacks in projects.
The problem mirrors pain playing out in neighbouring Singapore, where the collapse of oilfield services firm Swiber Holdings Ltd has stoked concerns about the size of the city state's biggest lender DBS Group Holdings' exposure to the industry.
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
Banking & Finance
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea