SINGAPORE - United Overseas Bank Ltd , the smallest of Singapore's three banking groups, posted on Thursday a 21 per cent fall in fourth quarter net profit in the absence of one-time gains.

UOB earned S$558 million in the three months ended December, down from S$706 million a year ago. The results were below the S$575 million average estimate of six analysts polled by Reuters.

Excluding the one-time gain of S$152 million booked in the fourth quarter of 2010, the Singapore bank's net profit edged up 0.8 per cent compared to a year ago.

Looking ahead, UOB CEO Wee Ee Cheong said Asia continues to show resilience in the face of ongoing uncertainty in the West.

"Our core business remains strong and we are well-positioned to capture new opportunities across Asia," he said in a statement.