UOB posts 17% rise in Q3 net profit, but net interest margin disappoints

Singapore

DESPITE posting a net profit increase of 17 per cent to S$1.04 billion for Q3, United Overseas Bank got a bear mauling on Friday as Asian markets continue tanking.

UOB suffered the biggest fall among the 30 stocks that make up the benchmark Straits Times Index, down 3.53 per cent to S$24.07. That brought UOB - the first of the three local banks to post results for the Q3 season - back to levels not seen since early October 2017. Year-to-date, UOB has lost 8.37 per cent while DBS Group Holdings and OCBC Bank are down 5.47 per cent and 16.06 per cent respectively.