UOB Q3 profit down 40% as provisions climb
Bank has set aside more provisions than needed to withstand further build-up of bad loans
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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.
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