UOB’s first quarter earnings down
(29 April 2016 – Singapore) United Overseas Bank (UOB) has reported a 4.4 percent fall in first-quarter net profit.
UOB reported earnings of S$766 million (A$747 million) for the three months ended in March.
Total income rose to S$1.97 billion, assisted by higher net interest income, which grew 6.1 percent on the back of higher net interest margins.
The bank’s non-interest income fell 8 per cent. The bank blamed softer investor appetite due to volatile market conditions for the decline in wealth management and trading income.
The bank said bad loan provisions for dropped 30.7 percent from same period a year prior.
UOB's CEO Wee Ee Cheong said in a statement: "While revenue has moderated in line with the slower growth environment, we continue to maintain a healthy balance sheet, with stable asset quality and strong core capitalisation."
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