DBS Group has nearly doubled its provisions for loans to the offshore industry to SGD 815m ($600m), according to figures released Monday.
The Singapore lender said net provisions jumped 87% in a move it said would “remove uncertainty” over its exposure to the oil and gas services sector.
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“The recognition of the residual weak oil and gas support service exposures as NPAs will enable investors to return their focus to our operating performance and digital agenda,” said chief executive Piyush Gupta.
