SINGAPORE: United Overseas Bank reported a smaller-than-expected 19 per cent drop in first-quarter net profit on Wednesday (May 6), but it ...
SINGAPORE: United Overseas Bank reported a smaller-than-expected 19 per cent drop in first-quarter net profit on Wednesday , but it increased impairment charges to reflect worsening economic conditions due to the coronavirus outbreak.
UOB said its impairment charges rose to S$286 million in the three months to Mar 31 from S$93 million a year earlier and it booked an additional regulatory loss allowance reserve of S$260 million, up five times from a year ago.Net profit at Singapore's third-largest listed lender dropped to S$855 million in the latest quarter from S$1.05 billion a year earlier, compared with an average estimate of S$739.3 million from three analysts, according to Refinitiv data.
The bank said more than three-quarters of its workforce in Singapore are working from home during the COVID-19 outbreak. Across the region, around 19,000 staff members are working from home. UOB said that as of end-March, outstanding oil and gas loans stood at S$10.2 billion, representing 3.6 per cent of total loans, as compared with 4.7 per cent on Jun 30, 2018.
Three-quarters of its O&G exposure is to downstream players and traders, of which 70 per cent are national oil companies and global firms. The remaining exposure is mainly short-term structured exposure, it added.DBS last week reported a 29 per cent year-on-year drop in net profit for the first quarter to S$1.17 billion.Source: Reuters/CNA/aj
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UOB Q1 profit falls smaller-than-expected 19% to $855m, raises impairment chargesSINGAPORE (REUTERS) - United Overseas Bank (UOB) reported a smaller-than-expected 19 per cent drop in first-quarter net profit, but it increased impairment charges in a worsening macro economic environment due to the coronavirus outbreak.. Read more at straitstimes.com.
Read more »
UOB posts smaller-than-expected 19% drop in Q1 profit[SINGAPORE] United Overseas Bank reported a smaller-than-expected 19 per cent drop in first-quarter net profit, but it increased impairment charges in a worsening macro economic environment due to the coronavirus outbreak. Read more at The Business Times.
Read more »
Bill passed to pave way for Singapore GE during pandemic if Covid-19 persistsThe upcoming GE must be held by April 14 next year. . Read more at straitstimes.com.
Read more »
573 new COVID-19 cases in Singapore, including 3 from public healthcare sectorSINGAPORE: Singapore reported 573 new cases of COVID-19 as of noon on Monday (May 4), taking the country's total to 18,778. The majority of the ...
Read more »
Volunteer at Singapore Expo isolation facility among 3 new public healthcare workers infected with COVID-19SINGAPORE: A healthcare volunteer at the Singapore Expo community isolation facility has tested positive for COVID-19, the Ministry of Health ...
Read more »