United Overseas Bank, the third largest bank in Singapore, reported a whopping 57.2% increase in net earnings to $552 Million for the year's fourth-quarter, as compared to last year, mainly on the back of lesser impairment charges.

Total operating income declined by 7.9% to $1.2 Billion, with both net interest income and non-interest earnings contracting over the period. Total operating expenses, on the other hand, surged by 4.1% to $554 Million, mainly on higher staff costs.

The results were mainly boosted by the steep decline in provisions for bad debt.

For the three months up-to December 31, 2009, impairment charged slipped by 88.3% to $44 Million, compared to 2008's fourth-quarter.

The global economy appears to be getting back on its feet. However, 2010 will be volatile as the de-leveraging process takes time to work through", said United Overseas Chief Executive Officer Wee Ee Cheong.