UOB's Q1 profit up 5.4% with boost from buffer in provisions

Singapore

UOB Group on Friday beat analysts' expectations with its first-quarter results, as total allowances were again buffered in part by a release of general allowances held in the year-ago period.

In opening the earnings session for the three Singapore banks, UOB reported a net profit of S$807 million for the three months ended March 31, 2017, up 5.4 per cent from S$766 million a year ago. This beat the S$757 million average forecast in a Bloomberg survey of seven analysts.