SINGAPORE (Reuters) - Singapore's United Overseas Bank
Singapore banks are facing mounting risks as credit woes deepen for the offshore services sector, which has been hit hard by an almost two-year rout in oil prices and a slowing economy.
UOB CEO Wee Ee Cheong said the bank expected subdued global economic growth and volatile market conditions in the months ahead.
UOB, the city-state's third-biggest lender, said net profit came in at S$791 million ($567.15 million) in the three months ended September, versus a profit of S$858 million a year earlier. Bad debt charges rose 15.7 percent.
The result was slightly better than the average forecast of S$747 million from five analysts polled by Reuters, as loans grew at a 7 percent pace compared with a decline of 2 percent for rival Oversea-Chinese Banking Corp (OCBC)
OCBC on Thursday reported a better-than-expected 5 percent rise in third-quarter profit, helped by gains from its insurance unit and wealth management which offset a rise in provisions for bad debt.
($1 = 1.3947 Singapore dollars)
(Reporting by Saeed Azhar; Editing by Stephen Coates)
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