By P.R. Venkat
United Overseas Bank Ltd. third-quarter net profit rose 57% on year due to lower credit allowances and higher interest and fee income.
Net profit for the quarter came in at 1.05 billion Singapore dollars ($778.45 million) and total income grew 8% on year at S$2.45 billion, the bank said Wednesday.
Net interest income during the period was up 9% on year at S$1.60 billion, while fee income rose 15% at S$589 million.
Total allowances during the first nine months fell 53% on year to S$546 million due to stabilizing credit outlook and pre-emptive allowances made year earlier.
"Amid near-term uncertainties, the gradual reopening of borders bodes well for business flows and we remain positive of strong activities along the Greater China-ASEAN trade corridors," UOB said.
Write to P.R. Venkat at venkat.pr@wsj.com