DBS group CEO says seeing stress in India mid-cap segment

DBS Group Holdings Chief Executive Piyush Gupta said the bank will redouble its efforts to grow organically in Indonesia after it abandoned its bid to buy a controlling stake in Bank Danamon Indonesia Tbk PT.

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He also said the bank does not see any stress in its China trade finance portfolio, but that there is some pressure in the India mid-cap segment.

DBS's strategy to expand in Southeast Asia, where it trails its domestic rivals, suffered a blow after Indonesia's regulators blocked its bid to buy a controlling stake in Danamon from Singaporean state investor Temasek Holdings Pte Ltd.

Gupta was speaking at a news conference on Thursday after the bank reported a 10 percent rise in second quarter net profit.