DJ MARKET TALK: UOB Off 1%, May Extend Fall; 3Q Below Expectations
0530 GMT [Dow Jones] UOB (U11.SG) may extend fall in afternoon trade as bank reports lower-than-expected 3Q08 net profits. Bank says 3Q08 net profit fell 5.1% on-year to S$475 million as non-interest income was hit by turmoil in global financial markets, impairment charges rose significantly on higher loan charges. Result was well below Dow Jones Newswires analyst poll average of S$539 million. Cautious outlook comments may also weigh, bank expects loan growth to slow as economic environment becomes more challenging, says in statement; "the impact of de-leveraging and credit crunch will be increasingly evident in the real economy." Order book shows selling interest down to S$13.44; shares were 1.0% at S$13.50 at midday. (KIG)
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DJ MARKET TALK: UOB Off 1%, May Extend Fall; 3Q Below Expectations
0530 GMT [Dow Jones] UOB (U11.SG) may extend fall in afternoon trade as bank reports lower-than-expected 3Q08 net profits. Bank says 3Q08 net profit fell 5.1% on-year to S$475 million as non-interest income was hit by turmoil in global financial markets, impairment charges rose significantly on higher loan charges. Result was well below Dow Jones Newswires analyst poll average of S$539 million. Cautious outlook comments may also weigh, bank expects loan growth to slow as economic environment becomes more challenging, says in statement; "the impact of de-leveraging and credit crunch will be increasingly evident in the real economy." Order book shows selling interest down to S$13.44; shares were 1.0% at S$13.50 at midday. (KIG)
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