UOB’s 3Q earnings fall 7.8% to $791 mil on absence of one-off gain, higher allowances

SINGAPORE (Oct 28): UOB Group reported a 7.8% drop in 3Q earnings to $791 million from $858 million a year ago on absence of one-off gain from the sale of investment securities and higher allowance for distressed assets.

This was better than the average forecast of $771 million in 3Q earnings from a Bloomberg survey of five analysts.

In 3Q, total allowance increased 15.0% to $185 million, as specific allowance on loans and other assets were higher largely due to the oil and gas and shipping industries.

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