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SINGAPORE - United Overseas Bank said Friday its third-quarter profit fell 5.1 per cent as the financial crisis took its toll on non-interest income and boosted impairment charges.
UOB, Singapore's second largest bank by assets, said its net profit from July-September fell to S$475 million from S$501 million a year ago.
Non-interest income fell 18.6 per cent to S$319 million from S$393 million, the bank said in a statement.
Net interest income was S$893 million, up 25.1 per cent from S$714 million a year earlier.
Impairment charges rose to S$158 million from S$4 million a year ago. This was "mainly due to collective impairment provision for loans and debt securities, and individual impairment charges on loans," the bank said.
"The group's latest set of numbers are not unexpected, given the unprecedented market developments in the past nine months, and especially in the last quarter," UOB said.
"Going forward, the group expects loan growth to slow as the economic environment becomes more challenging," it added.
- CNA/ir
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