Singaporean UOB Group has reported net earnings of S$788 million for the fourth quarter ended Dec 31, 2015, representing a meagre rise of 0.3 percent compared to S$786 million a year ago.
The bank incurred one-off expenses during the quarter of S$43 million for the «UOB80» commemorative events and brand campaign. Total income increased 12.5 percent to reach S$2.08 billion on the back of strong core income and gains from the sale of investment securities.
Related to the previous quarter, UOB's net profit fell 8.1 percent with lower gains from the sale of investment securities and the higher one-off expenses incurred in Q4.
Challenges Ahead
For the full year 2015, UOB generated net earnings of S$3.21 billion, 1.2 percent lower from a year ago which included a higher write-back of tax provisions.
«Financial markets will continue to grapple with volatility and uncertainty in 2016 underpinned by ongoing concerns such as the impact of falling oil prices and China’s slowdown on the global economy. Our view is that the risks are largely manageable and the underlying economic fundamentals are strong enough to withstand the shocks even as we enter an environment of slower growth,» said Wee Ee Cheong, UOB’s Deputy Chairman and Chief Executive Officer.
