(9 May 2007 – Singapore) United Overseas Bank (UOB) has posted a poorer than expected 18 percent profit increase for the January to March quarter.UOB, which is Singapore’s second largest lender, delivered a net profit of S$518 million, up from S$439 million for the same period last year.
Analysts had been expecting the result to be nearer the S$530 million mark.
UOB, which is targeting China for future growth, said the result was weakened by higher costs and impairment charges.
The bank is controlled by chairman Wee Cho Yaw, the second richest man in Singapore, and his family. At the end of 2006 UOB had total assets of S$161 billion.