United Overseas Bank 3Q Net Fell on Higher Allowances

By P.R. Venkat

United Overseas Bank's third-quarter net profit fell marginally, due to a higher allowance for credit losses.

Profit for the quarter came in at 1.38 billion Singapore dollars (US$1.01 billion), down 1.0% on year, the bank said Thursday.

Total income during the quarter grew 9%. to S$3.46 billion, with net interest income coming in at S$2.43 billion compared with S$2.23 billion a year earlier.

Income from fees and commissions rose 14%. to S$591 million, mainly due to loan-related and credit card fees.

During the quarter, allowance for credit and other losses was S$235.0 million as against S$104.0 million a year earlier, UOB said.

"The global economy remains uncertain, and recent geopolitical tensions have added to market volatilities," UOB's chief executive Wee Ee Cheong said, adding that the bank's balance sheet was strong to help it tide over the uncertainties.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

October 25, 2023 19:35 ET (23:35 GMT)

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