UOB's third-quarter net profit undershoots expectations
United Overseas Bank in Singapore reported a net profit of S$1.25 billion for the period from July to September. This figure is more than double the profit from the same period a year prior. The previous year's results were low because the lender had a surge in credit provisions. Net fee income reached a new high during this quarter. Despite the growth, the profit fell short of the S$1.35 billion average estimated by two analysts.
SINGAPORE - Singapore's United Overseas Bank, or UOB, on Wednesday posted net profit of S$1.25 billion for the July-September period, as net fee income reached a new high.UOB's third-quarter net profit was more than double that of a year earlier, though it came from a low base due to a surge in credit provisions by the lender in the year-ago quarter.The results underperformed the mean estimate of S$1.35 billion from two analysts, according to LSEG data.[[nid:747094