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Markets News

Singapore bank UOB's Q3 net profit skids 40% as loan loss provisions rise

SINGAPORE, Nov 4 (Reuters) - United Overseas Bank Ltd reported a 40% drop in quarterly profit on Wednesday as Singapore’s third-largest-listed lender bulked up loan loss provisions in pandemic-hit markets and its net interest income declined.

UOB said profit for the three months to September slumped to S$668 million ($492.1 million) from S$1.12 billion a year earlier, and versus an average estimate of S$569.7 million from three analysts, according to Refinitiv data. ($1 = 1.3574 Singapore dollars) (Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman)

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