United Overseas Bank reported a smaller-than-expected 19 per cent drop in first-quarter net profit, but it increased impairment charges in a worsening macro economic environment due to the coronavirus outbreak.[SINGAPORE] United Overseas Bank reported a smaller-than-expected 19 per cent drop in first-quarter net profit, but it increased impairment charges in a worsening macro economic environment due to the coronavirus outbreak.
Net profit at Singapore's third-largest listed lender dropped to S$855 million for the three months to March 31 from S$1.05 billion a year earlier, compared with an average estimate of S$739.3 million from three analysts, according to Refinitiv data.For daily updates on weekdays and specially selected content for the weekend. Subscribe to