Singapore's United Overseas Bank (UOB) said Friday its net profit rose an annual 5.3 percent in the third quarter, boosted by a hefty rise in non-interest income from investment activities.
UOB earned 500 million Singapore dollars (358 million US) in the three months to September, up from 475 million dollars in the same period last year.
The result beat expectations, with analysts polled by Dow Jones Newswires forecasting a quarterly net profit of 422 million dollars.
Compared with the previous three months, net profit rose 6.3 percent.
Deputy chairman and chief executive Wee Ee Cheong said the worst of the economic crisis was now over.
"Three months back, we indicated that 'maximum fear' is behind us. Now it appears that the worst for the economy is behind us as well," he said.
Revenue came in at 1.32 billion dollars, up nine percent from last year. Net interest income climbed 3.6 percent to 925 million dollars and non-interest income jumped 24.1 percent to 396 million dollars on gains in investments.
Asia's quick rebound from the global financial crisis has benefited Singapore banks, which have operations across the region.
On Wednesday, Oversea-Chinese Banking Corp (OCBC) said its third quarter net profit rose 12 percent year on year to 450 million dollars, also beating analysts forecasts.
