Shares in Singapore's UOB fall to 2-week low after results
Published on Aug 1, 2014 9:57 AM
SINGAPORE (Reuters) - Shares in United Overseas Bank dropped as much as 3.1 per cent to a two-week low of $23.40 on Friday, after the bank said its bad debt charges had doubled in the previous quarter.
Singapore's third-largest bank reported a 3.2 per cent rise in quarterly profit, beating market estimates. But the bank said a group of investors was struggling to service high-end property loans.
UOB was headed for its biggest daily decline in three months and was the second-worst performer on Singapore's benchmark Straits Times Index.