Business News
Singapore's UOB bank posts fall in profit, warns of risks for Asia
Nov 2, 2011, 10:10 GMT
Singapore - Singapore's United Overseas Bank Ltd on Wednesday reported a sharp drop in net profit for the third quarter and warned of risks for Asia amid a turbulent global environment.
UOB, Singapore's third biggest lender by assets, made net profits of 522 million Singapore dollars (409 million US dollars) in the three months through September, down 24.2 per cent from 688 million Singapore a year earlier, the bank said.
Quarterly net interest income, the difference between the interest the bank collects from debtors and the interest it pays out on deposits, reached 915 million Singapore dollars, an increase of 3.6 per cent year-on-year, it said.
But trading and investment income in the third quarter dropped 31 per cent year-on-year to 56 million Singapore dollars due to weaker global market sentiments, the bank said.
Chief executive Wee Ee Cheong warned of a financial shock for Asia from the uncertainties in the global economy, with Europe struggling to resolve its debt crisis.
'The global growth outlook is still patchy and hinges upon policy responses from the West,' he said.
'Developments over the next few months will determine if Asia goes through another financial shock, or a moderate economic slowdown,' Wee said.
Read more about UOB
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