Source : AsiaOne News, Wed, Aug 7, 2007
Singapore's United Overseas Bank Ltd. Tuesday reported a second-quarter net profit of 585 million Singapore dollars (US$386 million; €279 million), down 48 percent from the same period a year.
The bank said the drop in profit was due to a one-time gain in the previous quarter of S$689 million (US$454 million; €329 million).
The gain gave Singapore's second-largest banking group by assets a net profit of S$1.13 billion (US$745 million; €539 million) in the second quarter of last year. Net profit in the second quarter last year excluding the one-time gain was S$443 million (US$292 million; €211 million).
This year's result was higher than the average estimate of S$528 million (US$348 million; €252 million) by six analysts polled by Dow Jones Newswires.
The company posted total income of S$1.3 billion (US$858 million; €621 million) for the quarter, up 32 percent from S$981 million.
Net interest income rose 13 percent to S$761 million (US$502 million; €364 million) from a year ago.
Non-interest income increased 73 percent to S$536 million (US$354 million; €256 million).
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