Singapore - Two of Singapore's three listed banks Wednesday
reported large falls in profit for the first quarter of 2009, but
praised their performance in the light global economic conditions.
United Overseas Bank Group (UOB), Singapore's second biggest bank,
reported a nearly 23-per-cent slide in net profit for the first
quarter.
For the period from January to March the bank posted a net income
of 409 million Singapore dollars (277 million US dollars), a fall by
22.7 per cent from the 529 million Singapore dollars for the same
quarter in 2008, the bank said.
'Despite the extraordinary environment, we have achieved a decent
set of results for the first quarter,' chief executive officer Wee Ee
Cheong said in a statement. 'The banking world is adjusting to new
realities.'
'The journey ahead remains tough, but we are confident that we
will come out of the crisis stronger,' Wee added.
The smallest of the city-state's three listed banks, the
Oversea-Chinese Banking Corp, posted a 12-per-cent drop in net profit
for the first quarter, as provisions for bad loans rose.
Net profit from January to March fell to 545 million Singapore
dollars (369 million US dollars), down from 622 million Singapore
dollars for the same period a year ago, when the bank reported
one-time gains, it said.
'Given the challenging operating environment, we have done well in
the first quarter,' chief executive David Conner said in a statement.
'The economic outlook remains difficult and uncertain,' he added.
The largest commercial banking group in Singapore, DBS Group, said
it would announce its first quarter results for 2009 on Friday.
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