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U11 - United Overseas Bank News Story

S$25.18 -0.2  -0.8%

Last Trade - 10:13am

Sector
Financials
Size
Large Cap
Market Cap £22.66bn
Enterprise Value £-1.46bn
Revenue £5.12bn
Position in Universe 69th / 6102

UPDATE 1-Singapore bank UOB eyes lower credit costs, Q4 profit falls 32%

Thu 25th February, 2021 12:15am
(Recasts with comments and sector performance)
    SINGAPORE, Feb 25 (Reuters) - United Overseas Bank Ltd
 UOBH.SI  reported a 32% fall in quarterly profit as Singapore's
smallest listed bank said its net interest income declined and
credit losses swelled.
    Just like its larger peers OCBC  OCBC.SI  and DBS  DBSM.SI ,
UOB said on Thursday it expects credit costs to ease this year
as government moratorium programmes launched at the start of the
pandemic come to an end.
    UOB CEO Wee Ee Cheong said the bank would rebalance its
business to focus on wealth management services, with net
interest margins expected to stay low.
    The lender's October-December net profit slumped to S$688
million ($521.7 million) from S$1 billion a year earlier, in
line with an average estimate of S$696.3 million from four
analysts, according to data from Refinitiv.
    However, profit and net interest margin edged up from the
third quarter. Full-year profit declined by one-third.
    Both OCBC and DBS flagged an improved business outlook and
analysts forecast strong revenue from the wealth business to
drive a rebound in Singapore banks' full-year profit.
 urn:newsml:reuters.com:*:nL1N2KT3HA  urn:newsml:reuters.com:*:nL1N2KF3JB
($1 = 1.3188 Singapore dollars)

 (Reporting by Anshuman Daga; Editing by Leslie Adler & Shri
Navaratnam)
 ((anshuman.daga@tr.com;))
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