United Overseas Bank, the smallest of Singapore's three banking groups, reported a 21 percent fall in quarterly profit due to lack of one-off gains and as it booked losses on its European debt exposure.
The bank however remains confident on its prospects.
"Asia continues to show resilience in the face of ongoing uncertainty from the West. And we remain optimistic this resilience will continue," UOB CEO Wee Ee Cheong said in a statement on Thursday.
"Our core business remains strong and we are well-positioned to capture new opportunities across Asia," he said.
UOB , which also has operations in Malaysia, Indonesia and Thailand, reported net profit of S$558 million ($443 million) in the three months ended December, down from S$706 million a year ago. The results lagged the S$575 million average estimate of six analysts polled by Reuters.
Excluding a one-time gain of S$152 million from the sale of assets in the fourth quarter of 2010, the Singapore bank's net profit edged up 0.8 percent from a year ago.
Singapore banks have been reporting strong loans growth since the start of last year as some European banks reduced their exposure to Asia to meet tougher capital requirements at home.Page 1 of 2 | Next Page