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Singapore's United Overseas Bank Q4 net profit up 25 pct
February 27, 2013 / 9:51 AM / 5 years ago

Singapore's United Overseas Bank Q4 net profit up 25 pct

SINGAPORE, Feb 27 (Reuters) - Singapore’s United Overseas Bank (UOB) reported a 25 percent jump in fourth-quarter net profit, lifted by strong fee and commission income.

UOB, the smallest of Singapore’s three banking groups, posted net profit of S$696 million ($561.5 million) for the three months ended in December, up from S$558 million a year earlier. But the net interest margin fell for the third consecutive quarter.

“This set of results represents a very positive end to 2012. We achieved record profits, record fees and record contribution from our key regional markets,” UOB’s chief executive officer Wee Ee Cheong said in a statement on Wednesday.

This month, Singapore’s Oversea-Chinese Banking Corp reported a 12 percent jump in fourth-quarter net profit to S$663 million. DBS Group Holdings, Southeast Asia’s biggest bank, posted weaker-than-expected results due to weak interest margins. ($1 = 1.2396 Singapore dollars) (Reporting by Eveline Danubrata)

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