May 5, 2020 / 11:28 PM / 21 days ago

Singapore's United Overseas Bank Q1 net profit falls 19%

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

Net profit at Singapore’s third-largest listed lender dropped to S$855 million ($604.1 million) in the three months to March 31 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. ($1 = 1.4154 Singapore dollars) (Reporting by Anshuman Daga)

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