UOB Q3 profit down 40% as provisions climb
Bank has set aside more provisions than needed to withstand further build-up of bad loans
Add BT as a preferred source
Singapore
UOB opened the Singapore banks' Q3 results season by rolling back some of its worst fears, as has been the case with the global banks.
Despite posting a 40 per cent drop in net profit for its third quarter, the bank with a sizeable exposure to small- and medium-sized enterprises is confident that its provisions should be strong enough to withstand further build-up of bad loans, particularly with automatic moratoriums unwinding in Singapore and Malaysia.
TRENDING NOW
Shanda co-founder sells Tanglin Hill bungalow for S$76 million
Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned
Nearly half of Apac’s wealthy expect market crash or correction, plan to rotate to cash: study
Jumbo Seafood to close flagship East Coast Seafood Centre outlet on Sep 30
