Earnings for the FY2020 fell 33% to $2.92 billion from the $4.34 billion reported in FY2019 with lower margins from benchmark rate cuts and reduced customer activities amid the contraction of economies during the Covid-19 pandemic.
United Overseas Bank (UOB) saw net earnings (or net profit after tax) of $688 million for the 4QFY2020 ended December, 32% lower than earnings of $1.01 billion in the corresponding period the year before.
Quarter-on-quarter, 4QFY2020 earnings rebounded 3% on higher margins and fee income, as well as lower credit allowances.
