The smallest of Singapore's three banks said on Wednesday net profit for October-December fell to $301 million from $428 million a year ago. Analysts had, on average, estimated a net profit of $381 million, according to five estimates compiled by Reuters.

The bank took charges of $243 million, led by writedowns on bad loans.

The result came a few days after DBS Group , Singapore's biggest bank, reported a bigger-than-expected 40 per cent drop in quarterly profit, its worst result in three years, hurt by an increase in bad debt provisions. -- REUTERS