UOB 1Q Net Rose on Higher Interest Income
By P.R. Venkat
United Overseas Bank Ltd.'s first-quarter net profit rose 67%, mainly supported by higher net interest income.
Profit for the quarter came in at 1.58 billion Singapore dollars ($1.18 billion) and total income during the quarter grew 49% to S$3.52 billion, the bank said Thursday.
Net interest income during the period was up 43% at S$2.41 billion.
Income from fees and commissions fell 4% to S$552 million mainly due to softer fees from its wealth management and loan-related business.
"Recent pockets of banking instabilities in the U.S. and Europe have led to some market volatility and added to concerns over the global growth outlook. Amid the challenging operating environment, our prudent management and long-term focus have put us in good stead," UOB Chief Executive Officer Wee Ee Cheong said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
April 26, 2023 19:46 ET (23:46 GMT)
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