All three local banks reported their second-quarter earnings last week. Granted, it was not a pretty picture but investors should have seen the carnage coming. COVID-19 has swept through the globe like a cyclone and left a path of destruction in its wake. As banks form the central pillar of the economy, they cannot escape unscathed. Last week, we reviewed the earnings from DBS Group Holdings Ltd (SGX: D05) and OCBC Ltd (SGX: O39), which you can find here and here. Today, let’s look at United Overseas Bank Ltd (SGX: U11), or UOB’s results. Here are eight things you need to know about how the lender has performed.

1. Net interest income fell by 12% year on year during the quarter to S$1.46 billion, while net fee and commission income tumbled by 15% year on year. Total income weakened by 12% year on year to S$2.3 billion.
2. UOB upped its provisions during the quarter as a

...