UOB's Q3 profit skids 40% as loan loss provisions rise
04 November, 2020
United Overseas Bank Ltd reported a 40 % drop in quarterly profit on Wednesday (Nov 4) as Singapore's third-largest-listed lender bulked up loan loss provisions in pandemic-hit markets and its own net interest income declined.
UOB said profit for the 90 days to September slumped to S$668 million (US$492.1 million) from S$1.12 billion a year earlier, and versus the average estimate of S$569.7 million from three analysts, according to Refinitiv data.
"While there are early signs of recovery over the global economy, the trajectory remains uneven and unclear," UOB's CEO Wee Ee Cheong said in a statement.
UOB's impairment charges surged to S$477 million in the most recent quarter from S$145 million a year earlier, while net interest income fell practically 13 per cent.
Source: www.channelnewsasia.com
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