Despite this drop, UOB maintains its commitment to its share buyback programme and that the provisions will have no bearing to its final FY2025 dividend.
In a prudent move given macro uncertainties plus sector-specific headwinds, United Overseas Bank has made a pre-emptive move to make an additional general provision of $615 million.
This one-off line, plus industry-wide trends of lower rates, has caused UOB to report a 72% y-o-y drop in net profit to $443 million.
