Oct
27
UOB Third-Quarter Profit Falls 7.8% as Soured Assets Rise
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Higher provisions against struggling oil and gas sector
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Year earlier result helped by sale of investment securities
United Overseas Bank Ltd., Southeast Asia’s third-largest lender, said third-quarter profit fell 7.8 percent from last year, when the bank booked a one-off gain, as allowances for soured assets jumped as a result of loans to the struggling oil and gas industry.
Net income fell to S$791 million ($567 million) in the three months to September from S$858 million a year earlier, the Singapore-based bank said Friday in a filing to the stock exchange. That was slightly better than the S$771 million average forecast in a Bloomberg survey of five analysts. While net interest income was little changed, provisions for bad debts increased by almost 16 percent to S$185 million, UOB said…
UOB Third-Quarter Profit Falls 7.8% as Soured Assets Rise
