UOB Reports Smaller-Than-Estimated Drop in Quarterly Profit
- Profit boosted by sale of investment securities, bank says
- Firm to pay dividend, interest margin rises from year earlier
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United Overseas Bank Ltd., Southeast Asia’s third-largest bank by assets, reported a smaller-than-estimated decline in quarterly profit as interest income and the sale of investment securities offset lower trading income.
Net income retreated 1 percent to S$858 million ($612 million) for the three months ended Sept. 30, the Singapore-based bank reported Friday, beating the S$812 million average of seven analysts’ estimates compiled by Bloomberg. The lender will pay a one-off dividend of 20 Singapore cents per share to commemorate the 80th anniversary of its founding.