UOB Q4 net profit up 0.3%, beats expectations

SINGAPORE - United Overseas Bank , the smallest of Singapore's three listed banks, posted a 0.3 per cent rise in fourth-quarter net profit, beating expectations, as it benefited from a jump in net interest margin.

UOB's net profit came in at $788 million in the three months ended December, versus S$786 million a year earlier and above an average forecast of $768 million from six analysts polled by Reuters.

Singapore banks have so far defied a slowdown in China and weak commodity prices which has hit energy services firms, but analysts are looking for more signs of asset quality deterioration in 2016.

UOB posted a 14.6 per cent rise in provisions for bad loans with specific charges set aside for Singapore, Indonesia and Greater China.