UOB on Thursday posted a 40 per cent drop in second-quarter net profit, hurt by weaker income and a surge in provisions. Read more at The Business Times.
Provisions against bad loans in the second quarter surged to S$396 million, compared with just S$51 million a year ago.
The non-performing loan ratio in the second quarter stood at 1.6 per cent, up from a year ago's 1.5 per cent, and unchanged from a quarter ago.In a statement, Wee Ee Cheong, UOB’s deputy chairman and CEO said across the region, the group has supported more than one million individual and business customers with loan moratoria and other relief measures that amount to about 16 per cent of the bank's total loans.
“Over the last few months, the Covid-19 pandemic has upended the way we live and work, with businesses and individuals having to deal with unprecedented challenges. With the global economy moving into the deepest recession in recent history, our financial performance for the first half of the year has not been immune to the impact," he said.
"However, UOB entered this crisis from a position of strength, having built our resilience through weathering past storms, be they economic, man-made or natural disasters. We maintain prudence and discipline in our risk management and will continue to strengthen our provision coverage."For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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