DBS' new housing loan applications shockingly crashed 45%

But net profit still beat forecast.

Even the giants won't escape Singapore's housing loan brouhaha unscathed. Singapore's biggest bank DBS said that its new housing loan applications almost halved in 1Q.

According to Reuters, the chief executive of DBS Group Holdings said on Wednesday that new housing loan applications at the bank are down 45 pct from a year earlier.

Piyush Gupta was speaking at a media conference, after the lender had earlier reported better-than-expected first quarter net profit of S$1.03 billion ($820.4 million).

Read full report here.

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