Singapore's UOB profit falls 7.8 per cent

Singapore's UOB profit falls 7.8 per cent

Singapore's United Overseas Bank posted a 7.8 per cent drop in third-quarter net profit on Friday, hurt by a jump in bad debt charges due to losses from its exposure to the oil and gas sector.

Singapore banks are facing mounting risks as credit woes deepen for the offshore services sector, which has been hit hard by an almost two-year rout in oil prices and a slowing economy.

UOB, the city-state's third-biggest lender, said net profit came in at S$791 million ($567.15 million) in the three months ended September, versus a profit of S$858 million a year earlier.

Bad debt charges rose 15.7 per cent.

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