United Overseas fell 7.3 percent to S$11.20 and Oversea- Chinese Banking declined 5.1 percent to S$4.63. United Overseas may report a profit of S$413 million ($273 million) for the third quarter of the year, 13 percent lower than the previous estimate of S$472 million, JPMorgan analysts Harsh Wardhan Modi and Suni Garg said in the report today.

The revisions factor in higher credit costs, lower non- interest income, slower loan growth and higher provisions for other losses, ``partially'' offset by marginally higher net interest margins, Modi and Garg said.

``The macro environment in the region is the toughest since the Asian crisis,'' the analysts said. ``Banks are cheaper today than in 1998, based on adjusted price to book.