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DBS third-quarter net profit falls unexpectedly, hit by oil and gas loans

Reuters

SINGAPORE (Reuters) - DBS Group Holdings <DBSM.SI>, Singapore's biggest lender, unexpectedly reported a 23 percent fall in quarterly profit, partly due to its exposure to the oil and gas sector.

The bank's net profit came in at S$822 million ($602 million) in the three months ended September, versus S$1.07 billion profit reported a year earlier.

That compared with the S$1.13 billion average estimate of four analysts compiled by Thomson Reuters.

DBS has a larger exposure to the struggling oil and gas sector than its smaller rivals Oversea-Chinese Banking Corp <OCBC.SI> and United Overseas Bank <UOBH.SI>.

(Reporting by Anshuman Daga; Editing by Edwina Gibbs)