Serious O$P$ !!!! UOB earnings collapse as debtors got no money to pay up, huat ah!

[Sammyboy RSS Feed]

An honorable member of the Coffee Shop Has Just Posted the Following:

Singapore's United Overseas Bank (UOBH.SI) posted a 7.8 percent drop in third-quarter net profit on Friday, hurt by a jump in bad debt charges due to losses from its exposure to the oil and gas sector.

Singapore banks are facing mounting risks as credit woes deepen for the offshore services sector, which has been hit hard by an almost two-year rout in oil prices and a slowing economy.

UOB CEO Wee Ee Cheong said the bank expected subdued global economic growth and volatile market conditions in the months ahead.

UOB, the city-state's third-biggest lender, said net profit came in at S$791 million ($567.15 million) in the three months ended September, versus a profit of S$858 million a year earlier. Bad debt charges rose 15.7 percent.

($1 = 1.3947 Singapore dollars)

http://in.reuters.com/article/uob-results-idINKCN12R30Y


Click here to view the whole thread at www.sammyboy.com.