The United Overseas Bank (UOB) building is pictured in the Raffles Place financial district in Singapore on August 10, 2023.
Singapore's United Overseas Bank , or UOB, expected a stronger outlook for next year including better loan and fees growth, as it reported on Thursday a weaker-than-expected 1% drop in third-quarter net profit from a year earlier.
UOB, Singapore's third-largest bank by assets, projected mid single-digit loan growth and double-digit fee growth for its 2024 outlook, versus low-to-mid single-digit loan growth and high single-digit fees growth for this year's outlook.
UOB said July-September net profit dropped to S$1.38 billion ($1 billion) from S$1.40 billion a year earlier, mainly on the back of higher allowances for credit and other losses, as well as Citigroup integration costs.
The profit was lower than the mean estimate of S$1.46 billion from four analysts polled by LSEG.
Persons:
Wee Ee Cheong, UOB's, UOB
Organizations:
United Overseas Bank, Raffles, Singapore's United Overseas Bank, Citigroup, LSEG
Locations:
Singapore, Southeast, ASEAN