SINGAPORE, Reuters – DBS Group (OTC) Holdings announced a 10% drop in quarterly profits after net income fell 3% at Southeast Asia’s largest lender. The weaker markets weighing down its wealth management and treasury activities.

Although the lender based in Singapore lost a record S$2billion last year, its net profit dropped to S$1.8billion ($1.30billion), which was above the average estimate of S$1.63billion by six analysts according to Refinitiv data.

($1 = 1.3868 Singapore dollars)