Singapore's UOB banking group has revealed loan allowances reached SGD 1.48bn ($1.1bn) in 2017.
This was up 49% from 2016 and mainly due to non-performing assets (NPA) in the oil and gas and shipping sectors.
"Specifically, a prudent decision was taken to accelerate the recognition of these residual vulnerable exposures as NPA in 4Q17, and further haircuts were applied on their collateral valuations," it said.
