SINGAPORE United Overseas Bank (UOBH.SI), the smallest of Singapore's three listed banks, posted a 4.4 percent fall in first-quarter net profit, in line with expectations, after lower wealth management fees and trading income hit non-interest income.
UOB's net profit came in at S$766 million ($568 million) in the three months ended March, versus S$801 million a year earlier and compared with an average forecast of S$764 million from five analysts polled by Reuters.
The bank blamed softer investor appetite due to volatile market conditions as the reason for the decline in wealth management and trading income.
UOB reported a 30.7 percent decline in provisions for bad loans, even though it took some specific provisions for commodities-related exposure.
Weak commodity prices have hit energy services firms and in turn are affecting asset quality at Singapore banks, with more deterioration seen in 2016.
(Reporting by Saeed Azhar; Editing by Richard Pullin)
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Published Date: Apr 28, 2016 06:30 AM | Updated Date: Apr 28, 2016 06:30 AM