DBS profit sinks as bank tries to put bad loans behind it

SINGAPORE (Nov 6): DBS Group Holdings Chief Executive Officer Piyush Gupta was determined to put the pain of soured energy-industry loans behind him -- even if it meant profit missing the lowest analyst estimate by a wide margin.

Southeast Asia’s largest bank on Monday said it boosted bad-loan allowances more than sixfold in the third quarter, resulting in a 23% drop in net income to $822 million.

See: DBS reports 25% lower 3Q earnings of $802 mil on higher net allowances

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