UOB Q3 profit down 40% as provisions climb

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.