United Overseas Bank

Banks set to report first profit falls since 2016

All three of Singapore's banks are expected to see profit declines for the first time since 2016 as they set aside cash for a potential spike in bad loans stemming from the coronavirus-fuelled economic slump. Net income at each lender probably slid between 21 per cent and 28 per cent in the three months ended March 31 from a year earlier, according to the average estimates of six analysts surveyed by Bloomberg. DBS Group Holdings, the nation's largest bank, is seen to report the steepest profit drop when it kicks off the earnings season today, while OCBC Ban...
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UOB offers $200,000 pre-approved loans to small businesses

The bank has approved three times more loans in March compared to January. United Overseas Bank (UOB) today announced that it will be offering pre-approved loans of up to $200,000 to help ease the short-term liquidity woes of small businesses impacted by the COVID-19 pandemic, the bank announced. The collateral-free loan is intended to help small businesses, which make up two in three of all small- and medium-sized enterprises in Singapore, especially those from hard-hit sectors such as retail and food and beverage, said UOB. The bank has approved three t...
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