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Financials

Singapore's United Overseas Bank Q3 profit jumps 17 pct

Oct 26 (Reuters) - Singapore’s United Overseas Bank Ltd said on Friday its third-quarter profit jumped 17 percent, helped by robust loan growth and lower allowances.

Profit for the quarter ended Sept. 30 came in at S$1.04 billion ($753.2 million), compared with S$883 million a year ago.

“Amid headwinds posed by escalating trade tensions and cautious business sentiment, we sustained stable performance in the third quarter,” UOB Chief Executive Wee Ee Cheong said in a statement.

Net interest income was 14 percent higher over the previous year at S$1.6 billion, while net interest margin - a key metric of profitability - improved 2 basis points. ($1 = 1.3807 Singapore dollars) (Reporting by Rushil Dutta in Bengaluru; Editing by Stephen Coates)

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