DBS, UOB post different results for Q3

DBS exceeded its expected net profits for the third quarter, but another Singaporean bank, UOB, posted lower than expected net profit.

The net profit of DBS Group rose by 6 percent to S$762 million or US$600 million U.S. dollars, due to a 13 percent rise in net interest income on the back of strong loan growth.

Bad debt charges rose 18 percent and the bank has more than doubled the funds set aside for under-performing loans.

UOB Group posted a lower than expected net profit S$522 million or US$ 411 million, down 24.2 percent year on year on lower trading and investment income and higher expenses which offset growth in net interest income.

Net interest income rose 3.6 per cent to S$915 million Singapore dollars or US$ 721 million as growth in loan volume helped to offset lower net interest margins.