UOB down 4.6% amid lower Q4 profit
The bank’s Q4 net profit falls 7% to S$1.41 billion amid margin pressures from lower benchmark rates
[SINGAPORE] Shares of UOB fell on Tuesday (Feb 24) morning after the lender posted a 7 per cent decline in fourth quarter profit.
As at 9.13 am, the counter fell as much as 4.6 per cent or S$1.8 to S$37.00, with over 1.7 million shares changing hands.
By 9.24 am, it had pared down some losses and was trading at S$37.15, still down 4.3 per cent or S$1.65, with close to 2.4 million shares transacted.
This came as UOB’s Q4 net profit for the quarter ended Dec 31 fell 7 per cent to S$1.41 billion, from S$1.52 billion in the year-ago period, amid margin pressures from lower benchmark rates.
The lower performance missed the S$1.44 billion consensus estimate of a Bloomberg survey.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
