United Overseas Bank : 3Q Net Falls 40%

By P.R. Venkat

United Overseas Bank Ltd. third-quarter net profit was down 40% on year as the lender's net interest and non-interest income fell.

Net profit for the quarter ended September came in at 668 million Singapore dollars (US$481.18 million), the bank said Wednesday.

Net interest income during the period was down 13% on year at S$1.47 billion, while non-interest income fell 15% at S$786 million.

"While there are early signs of recovery across the global economy, the trajectory remains uneven and unclear," said Wee Ee Cheong, the bank's chief executive officer.

Write to P.R. Venkat at [e-mail]

(END) Dow Jones Newswires

11-03-20 1831ET