United Overseas Bank (UOB), Singapore's second-biggest lender by assets, posted a 5.7 percent fall in its fourth-quarter profit, as turmoil in credit markets led to more write-downs. The bank reported net profit of S$506 million for the October-December period, down from S$537 million a year ago. UOB, which had a smaller exposure to risky debt compared to local industry leader DBS, made fresh provisions...
Singapore Banks
Singapore's third largest lender OCBC Bank has reported flat profits for the full year at S$2.07 billion, marginally higher than S$2 billion profit in 2006. Excluding divestment gains from non-core assets and tax refunds, OCBC's core net profit beat expectations by growing 30% to S$1.88 billion on the back of strong loans growth. OCBC is seeing broad-based revenue growth across its key markets and...
Singapore's Oversea-Chinese Banking Corp (OCBC) said Thursday its fourth quarter net profit fell 16 percent from a year ago in the absence of one-time gains and higher expenses offsetting strong revenues. Net profit was S$428 million compared with S$510 million a year ago when it was bloated by divestment gains. Revenue totalled S$1.08 billion, up 19 percent from the same period last year, the bank said...
DBS Group, Southeast Asia's biggest bank, said on Friday its fourth quarter net profit fell 18 percent from the previous year as it set aside heavy provisions to cover its exposure to risky US mortgages. Net profit for the three months to December 2007 came in at S$491 million (US$347.15 million), down from S$596 million in the same period in 2006, the bank said in a statement. DBS set aside an...