SINGAPORE ⸺ United Overseas Bank, Singapore’s smallest listed lender, reported an 18% rise in first-quarter net profit on Thursday, boosted by strong fee income growth, a decline in impairment charges, and strong credit demand.
“We expect this momentum to continue as economic and business activity picks up and market sentiment improves across the region, starting with Singapore and Greater China,” CEO Wee Ee Cheong said in a statement.
The results came after larger peer DBS Group trounced profit estimates last week, thanks to strong loan growth, improved asset quality, and a bumper quarter for its wealth management business. OCBC reports results on Friday.
UOB logged net profit of S$1.0 billion ($748.9 million) for the quarter ending March, beating the S$891.4 million average of two analysts’ estimates compiled by Refinitiv, and compared with S$855 million in the year-ago period.
($1 = 1.3352 Singapore dollars)
Reporting by Anshuman Daga; Editing by Jacqueline Wong; Reuters