Business & Finance
UOB Profits Miss Estimates as Lower Trading Income Dampens Gains
Key Points
UOB Profits Miss Estimates as Lower Trading Income Dampens Gains United Overseas Bank Ltd. reported third-quarter profit that missed expectations, as a decline in trading and investment income dampened gains from lending and fees. Net income almost tripled to S$1.25 billion ($975 million) for the three months ended Sept. 30 from a year earlier when it set aside its biggest-ever provision for overseas commercial real estate risks, the lender said in a statement Wednesday. Still, that was...
UOB Profits Miss Estimates as Lower Trading Income Dampens Gains
United Overseas Bank Ltd. reported third-quarter profit that missed expectations, as a decline in trading and investment income dampened gains from lending and fees.
Net income almost tripled to S$1.25 billion ($975 million) for the three months ended Sept. 30 from a year earlier when it set aside its biggest-ever provision for overseas commercial real estate risks, the lender said in a statement Wednesday. Still, that was lower than the S$1.37 billion average estimate of analysts.