31 Jul '14, 3pm

Bad debt on property loans in Singapore. Yikes. via @saeedhas

(Adds bad debt charges and CEO comments) By Saeed Azhar SINGAPORE, July 31 (Reuters) - United Overseas Bank , Singapore's third-biggest bank, doubled its bad debt charges in the second quarter, saying a group of investors was struggling to service high-end property loans in the city state. The bank on Thursday reported a 3.2 percent rise in quarterly profit, beating market estimates and helped by an increase in net interest income and investment gains. Its non-performing loan ratio was stable at 1.2 percent. "This is (an) isolated case, which involved a group of borrowers," Chief Executive Wee Ee Cheong told reporters. "There is no systemic risk as far as the overall housing loan market is concerned." UOB said its bad debt charges rose to S$150 million ($120.3 million) in the second quarter from S$75 million a year earlier, due in part to impairment of non-performing accou...

Full article: http://www.reuters.com/article/2014/07/31/uob-results-idU...

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