UOB posts US$451.95 million net profits<\/p>\n
SINGAPORE (AFP): Singapore's leading banks, United Overseas
\nBank Ltd. (UOB) and Oversea-Chinese Banking Corp. (OCBC),
\nyesterday announced double-digit group net profits for calendar
\n1995 but they fell below analysts' expectations.<\/p>\n
UOB said group net profits rose 10.9 percent from a year
\nearlier to S$632.73 million (US$451.95 million) in 1995.<\/p>\n
The profits came amid an increase in net interest income to
\nS$961.20 million from S$881.89 million in 1994, UOB said.<\/p>\n
The UOB result was slightly below analysts' expectations for a
\n13 percent jump in earnings to S$641.6 million.<\/p>\n
UOB chairman Wee Cho Yaw said group net profits were held down
\nby a poor performance at several subsidiaries but particularly by
\na loss in the bank's brokerage operations due to lower stock
\nturnover last year.<\/p>\n
He predicted that 1996 group net profit growth would be about
\nthe same as in 1995.<\/p>\n
The OCBC said in a statement that group net profits rose 12.5
\npercent from a year earlier to S$604.99 million in calendar 1995.<\/p>\n
The bank added that it registered a 19 percent increase in net
\ninterest income to S$927.4 million last year.<\/p>\n
Analysts had expected OCBC's net profits to increase by 15
\npercent to S$616.8 million.<\/p>\n
UOB and OCBC are among Singapore's top four banks together
\nwith Overseas Union Bank Ltd. (OUB) and Development Bank of
\nSingapore (DBS), both of which had also posted lower-than-
\nexpected 1995 results.<\/p>\n
OUB's group net profits rose 18.6 percent to S$259.3 million
\nwhile DBS's group net profits increased by 11.6 percent to
\nS$594.6 million.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/uob-posts-us45195-million-net-profits-1447893297",
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