The two Singaporean banks have both taken a hard hit to their bottom lines despite a soar of net gains from investment securities as they set aside a significant amount of allowances triggered by Covid-19.
United Overseas Bank (UOB) UOB’s net profit fell 30% to SG$1.56 billion in the first half of 2020 compared with a year ago, due to lower margins, higher credit loss and more allowance for non-impaired assets d riven by Covid-19. By quarter, SG$703m of the net profit was generated in Q2, down 17.78% from Q1. Allowance rose to SG$682m from SG$144m a year ago as the Singaporean bank set aside additional funding for non-impaired assets, which brought total credit costs for the half year to
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