Oil sector woes cut UOB third-quarter profit by 7.8% to S$791 million

Singapore

THE oil rout has, as expected, hit United Overseas Bank (UOB). The bank posted on Friday a 7.8 per cent lower net profit for the third quarter on higher allowances from the oil & gas segment and weaker non-interest income.

Net profit for the three months ended Sept 30, 2016, stood at S$791 million, compared to S$858 million for the same period a year ago. This translated to an annualised earnings per share of S$1.90, down from S$2.07 a year ago.