UOB posts 4.4 percent drop in first-quarter net profit, in line with forecasts | Reuters

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.

Reuters April 28, 2016 06:30:11 IST
UOB posts 4.4 percent drop in first-quarter net profit, in line with forecasts 
| Reuters

UOB posts 44 percent drop in firstquarter net profit in line with forecasts 
 Reuters

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)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

also read

Kamala Harris to 'reinforce' India-US strategic partnership in meeet with Narendra Modi: White House
World

Kamala Harris to 'reinforce' India-US strategic partnership in meeet with Narendra Modi: White House

Since taking office, US vice president Kamala Harris has met with or spoken to over thirty world leaders, promoting US interests on issues ranging from global health to climate change to cyber threats

Australia cuts French submarine deal for US nuclear fleet; Scott Morrison cites 'changed strategic environment' as reason
World

Australia cuts French submarine deal for US nuclear fleet; Scott Morrison cites 'changed strategic environment' as reason

Australia's submarine upgrade was a response to China’s takeover of the South China Sea, aggressive bullying of Australia and intimidation of Japan and Taiwan, said Peter Jennings.

Hopeful those vaccinated with AstraZeneca would be eligible to enter the United States, says EU Commissioner
World

Hopeful those vaccinated with AstraZeneca would be eligible to enter the United States, says EU Commissioner

The US government on Monday announced that starting 1 November, it will lift the pandemic travel ban on all air passengers who are fully vaccinated and undergo testing and contact tracing.