UOB net profit fell 7.8%
United Overseas Bank (UOB) posted a 7.8% drop in third-quarter net profit, hurt by a jump in bad debt charges due to losses from its exposure to the oil and gas sector. Singapore banks are facing mounting risks as credit woes deepen for the offshore services sector, which has been hit hard by an almost two-year rout in oil prices and a slowing economy. UOB reported net profit of S$791m in the three months ended September, versus a profit of S$858m last year. Bad debt charges rose 15.7%.