United Overseas Bank Reports Another Resilient 3Q16 Result
Similar to last quarter, United Overseas Bank, or UOB, posted another resilient result in the third quarter. Net profit for the third quarter slipped 1.2% quarter on quarter to SGD 791 million with an 80 basis point in total income and 1% decline in operating expense not enough to offset rising provisioning for nonperforming loans. The result does not change our long-term view on the bank and our narrow economic moat rating is unchanged, reflected in its large market share and rising Singapore d...United Overseas Bank is bank in Asia with a network of offices in 19 countries and territories in Asia Pacific, Western Europe and North America. Co. provides a range of financial services including personal financial services, private banking, business banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, brokerage and clearing services, asset management, venture capital management and insurance. Co. operates within three main operating segments: Group Retail, Group Wholesale, and Global Markets and Investment Management. As of Dec 31 2014, Co. had total assets of S$306.74 billion.
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