SGX:U11Banks
How UOB's Surge in Credit Provisions Will Impact United Overseas Bank (SGX:U11) Investors
In the past week, United Overseas Bank (UOB) reported a 72% decline in third-quarter net profit, primarily due to S$615 million in increased credit provisions set aside to address potential credit risks amid a volatile global economic environment.
Despite this significant profit decline, management emphasized that these proactive provisions are not a sign of core business weakness and reaffirmed their commitment to maintaining the 2025 final dividend, highlighting confidence in the bank’s...