Monday, 8 August 2016

Singapore Hot stock Update of Market

DBS Group Holdings, Singapore's biggest lender, posted a 6% drop in 2Q profit, hit by a sharp jump in provisions for bad loans as firms in the oil and gas services sector struggle to service debt.

DBS's net profit came in at $1.05 billion in the three months ended June, versus a $1.12 billion profit a year earlier.

This is line with an average forecast of $1.051 billion from six analysts polled by Reuters. The poll was taken before DBS disclosed its $700 million exposure to troubled oilfield services firm Swiber Holdings.

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