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Singapore's DBS logs 33% drop in Q4 net profit on COVID pressure

Southeast Asia's largest lender continues to build buffer for poor-quality assets

Singapore's DBS is beefing up its bad-loan provisions as the pandemic drags on, weighing on the bank's profitability.   © Reuters

SINGAPORE -- Southeast Asia's largest lender, DBS Group Holdings, on Wednesday reported a 33% year-on-year drop in net profit for the three months ended December, as pressures from the COVID-19 pandemic forced the bank to continue building reserves against the risk of poor-quality assets.

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