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Singapore UOB's third-quarter net profit undershoots expectations

By Reuters News

By Rae Wee

SINGAPORE, Nov 4 (Reuters) - Singapore's United Overseas Bank UOBH.SI, or UOB, on Wednesday posted net profit of S$1.25 billion ($975.72 million) 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.


($1 = 1.2811 Singapore dollars)

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