May 5, 2020 / 11:56 PM / a month ago

UPDATE 1-Singapore bank UOB's Q1 profit falls to 2-yr low, raises impairment charges

(Adds details of results)

SINGAPORE, May 6 (Reuters) - Singapore’s United Overseas Bank reported a smaller-than-expected 19% drop in first-quarter net profit on Wednesday, but it increased impairment charges to reflect worsening economic conditions due to the coronavirus outbreak.

UOB said its impairment charges rose to S$286 million in the three months to March 31 from S$93 million a year earlier and it booked an additional regulatory loss allowance reserve of S$260 million, up five times from a year ago.

Net profit at Singapore’s third-largest listed lender dropped to S$855 million ($604.1 million) in the latest quarter from S$1.05 billion a year earlier, compared with an average estimate of S$739.3 million from three analysts, according to Refinitiv data. The profit level was the lowest in just over 2 years, according to Refinitiv data. ($1 = 1.4154 Singapore dollars) (Reporting by Anshuman Daga; Editing by Kim Coghill)

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