United Overseas Bank 1Q Net Rose on Higher Non-Interest Income

By P.R. Venkat

United Overseas Bank Ltd.'s first-quarter net profit was virtually flat on year as net interest income fell and expenses rose.

Profit for the quarter came in at 1.57 billion Singapore dollars (US$1.16 billion) compared with S$1.58 billion a year earlier, while total income was flat at S$3.52 billion, the bank said Wednesday.

The bank's net profit--after excluding one-off expenses--was S$1.49 billion, down 1.6% on the year.

Other non-interest income, mainly revenue from trading and investments, rose to S$581 million in the first quarter, compared with S$563 million a year earlier.

Net interest income during the period was down 2% at S$2.36 billion, while revenue from fees and commissions rose 5% to S$580 million

Write to P.R. Venkat at venkat.pr@wsj.com

Corrections & Amplifications

This story was corrected at 0551 GMT. The original gave the wrong comparative figures and misstated how the quarterly results compared to the same period a year earlier. The bank's first-quarter net profit was virtually flat on year as net interest income fell.

(END) Dow Jones Newswires

May 07, 2024 19:22 ET (23:22 GMT)

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