Singapore's smallest listed lender United Overseas Bank (UOB) on Friday reported a 12 percent increase in its third-quarter net profit.
UOB's larger competitor Oversea-Chinese Banking Corp last week reported a 12 percent profit gain amid higher interest and wealth income.
Shares of UOB have risen 21 percent this year, the least among the three major Singapore banks. The stock lost 0.1 percent to S$24.76 as of 9:28 a.m. local time.
Here are five highlights of the results:
- Higher Q3 profit on account of increased interest income and wealth-management fees.
- The new nonperforming assets drove the bank's total NPAs to S$3.92 billion in the period.
- Net interest income rose 14.6 percent on year to S$1.41 billion, from S$1.23 billion a year ago.
- Fee income from UOB's wealth-management operations rose 40 percent to S$143 million during the third quarter.
- Fee and commission income gained 12% to S$551 million from year earlier.