At a glance, United Overseas Bank’s (UOB) results, announced on May 6 were not as spectacular as that of DBS Group Holdings, announced a week earlier. UOB’s net profit rose 46% q-o-q and 18% y-o-y to $1 billion. This compares with DBS’s 72% y-o-y and 99% q-o-q surge to $2 billion. Interestingly, though, UOB’s profit before allowances rose 16% q-o-q and 6% y-o-y, while DBS’s profit before allowances rose 35% q-o-q but fell 8% y-o-y.

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