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
When every phone becomes a satellite phone, what happens to Asia’s telcos?
Jardine C&C selling Singapore, Malaysia dealerships to Indonesia’s Chandra Asri for US$221 million gain
Digital Realty, STT GDC among data centre operators awarded 50 MW of new capacity in Singapore
Upbeat outlook for CDL, UOL after strong H1 earnings
