Bad home loans flow through to UOB NPLs

[SINGAPORE] United Overseas Bank's non-performing loans (NPL) surged in the second quarter as payments by some high-end property buyers deteriorated.

Industry observers believe the situation could worsen as they do not expect significant improvement in the sluggish residential market over the next 12 months.

UOB said yesterday that NPL rose 11.2 per cent or S$232 million over the previous quarter to S$2.31 billion, and was up 7.3 per cent over a year ago.