Provisions offer clue to oil & gas sector turning the corner
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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.
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