United Overseas Bank (UOB) has reported earnings of $703 million for 2Q20 ended June, down 40% y-o-y, as it set aside some $379 million of allowances for non-impaired assets amid weaker macroeconomic conditions.

The lower earnings were due to lower margins, higher credit costs, and higher provisions. 

During the quarter, the bank declared an interim dividend of 39 cents with an option for a scrip dividend. The lower dividend, compared to 1H2019’s dividend of 55 cents, is in line with the Monetary Authority of Singapore (MAS)’s call for banks to cap the total dividend per share at 60% of the previous year’s on July 29.

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