UOB Q4 profit falls 34 pct as bad debt charges rise

Reuters, 27 Feb 2009, Saeed Azhar

SINGAPORE, Feb 27 (Reuters) - United Overseas Bank (UOB) (UOBH.SI), Singapore's second-ranked lender, reported a bigger-than-expected 34 percent drop in fourth-quarter profit as writedowns for bad debts trebled and fees from capital markets fell.

The results, UOB's worst since the second quarter of 2003, reflect the growing risks for Singapore banks' earnings as weakening Asian economies threaten to hurt asset quality, slow loan growth and boost credit costs.

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