With a foothold in the thriving Singapore economy, United Overseas Bank (UOB) (SGX:U11) recorded impressive fourth quarter results. The bank cited higher profits than last year, pointing to increased mortgage pricing, greater fee-based income and fewer non-performing loan provisions. Many analysts took note, upgrading UOB due to a better operating environment. Shares of Bancolombia SA rose during the quarter, as the Peso appreciated against the U.S. dollar, hitting its strongest level versus the greenback since November 2015.
From Bernard Horn (Trades, Portfolio)'s first quarter 2018 shareholder letter.
