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Finance

ASEAN banks told to stay cautious with more COVID-19 trouble ahead

Southeast Asia's lenders report muted earnings as central banks ask for belt-tightening

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Singaporean banks have increased provisions after what one called a 'tough' quarter.

SINGAPORE -- Southeast Asia's largest lender DBS Group Holdings on Thursday warned of further months of pandemic difficulty as it booked a net profit of SG$1.25 billion ($910 million) for the three months ended June -- a 22% dip from a year ago.

The bank's outlook mirrored those of its counterparts elsewhere in the Association of Southeast Asian Nations, as lenders grapple with the risk of more non-performing loans as the coronavirus outbreak rattles the cash flows of corporate borrowers.

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