SINGAPORE -- Across the Association of Southeast Asian Nations, banks are bracing for a tide of nonperforming loans as the coronavirus pandemic rattles companies' cash flows and creates difficulties in repaying debt.
Singapore-based Oversea-Chinese Banking Corp. on Friday said its net profit for the first quarter ended March tumbled 43% year-on-year to 698 million Singapore dollars ($495 million), as it increased its total allowances by 165% to SG$657 million from SG$249 million a year earlier due to oil and gas exposure and worsening economic conditions.
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