United Overseas Bank Ltd (SGX: U11), or UOB, is the third and last local bank to report its full-year 2020 earnings. OCBC Ltd (SGX: O39) had reported its earnings yesterday, while DBS Group Holdings Ltd (SGX: D05) announced its 2020 earnings two weeks earlier. Like its two counterparts, UOB also bore the brunt of the economic damage caused by the COVID-19 pandemic. Its full-year 2020 net profit fell by one-third year on year due to higher allowances for bad loans. Despite this, the bank is navigating the crisis well and has also sounded a note of optimism about 2021. Here are five other highlights from UOB’s earnings that investors should take note of.

Buffer from fees and commission income

UOB saw its net interest income declined by 8% year on year to S$6 billion for 2020 as lower interest rates negatively impacted net interest margin.