Monday 5 March 2012
UOB 4Q Net Falls 21%
nited Overseas Bank (UOB) Thursday reported a 21 percent drop in its fourth quarter net profit mainly due to the absence of one-time gains, but stressed that its core business remains strong given a positive outlook in Asia.
Singapore’s third-largest bank by assets posted a net profit of $558 million for the three months ended 31 December, down from $706 million a year earlier. The result was lower than the average estimate of $598.6 million from five analysts polled by Dow Jones Newswires.
However, UOB’s net profit for the fourth quarter of 2010 was boosted by a one-time gain of $152 million from the sale of UOB Life Assurance and United Industrial Corporation.
Net interest income for the October-December period gained 13 percent to $978 million from $865 million, while non-interest income fell 29 percent to $500 million from $700 million.
Singapore’s third-largest bank by assets posted a net profit of $558 million for the three months ended 31 December, down from $706 million a year earlier. The result was lower than the average estimate of $598.6 million from five analysts polled by Dow Jones Newswires.
However, UOB’s net profit for the fourth quarter of 2010 was boosted by a one-time gain of $152 million from the sale of UOB Life Assurance and United Industrial Corporation.
Net interest income for the October-December period gained 13 percent to $978 million from $865 million, while non-interest income fell 29 percent to $500 million from $700 million.
