A DBS logo in pictured in the backdrop of the central business district in Singapore July 10, 2015. REUTERS/Edgar Su
November 5, 2017
SINGAPORE (Reuters) – DBS Group Holdings <DBSM.SI>, Singapore’s biggest lender, unexpectedly reported a 23 percent fall in quarterly profit, partly due to its exposure to the oil and gas sector.
The bank’s net profit came in at S$822 million ($602 million) in the three months ended September, versus S$1.07 billion profit reported a year earlier.
That compared with the S$1.13 billion average estimate of four analysts compiled by Thomson Reuters.
DBS has a larger exposure to the struggling oil and gas sector than its smaller rivals Oversea-Chinese Banking Corp <OCBC.SI> and United Overseas Bank <UOBH.SI>.
(Reporting by Anshuman Daga; Editing by Edwina Gibbs)
