By REUTERS
United Overseas Bank, the smallest of Singapore’s three listed banks, posted a 1% drop in third-quarter (3Q) net profit, but beat expectations on higher interest rate margins and one-off gains
from the sale of investment securities.
UOB’s net profit came in at S$858 million (RM2.6 billion) in the three months ended September, versus S$866 million a year earlier and an average forecast of S$784 million from six analysts polled by Reuters.
As part of the bank’s 80th anniversary, UOB declared a one-off dividend of 20 cents per ordinary share.
Bigger rival Oversea-Chinese Banking Corp earlier this week beat expectations with a 7% increase in core third-quarter net profit, but also showed a spike in bad loans.
DBS Group Holdings, Singapore’s biggest bank, will report earnings on Monday.
— by Saeed Azhar
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