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Record profits for UOB in Q1 2014

United Overseas Bank Group has reported record quarterly profits for the first three months of this year. Net profit came in at S$788 million, an increase of 9.2 per cent from a year ago.

SINGAPORE: United Overseas Bank Group has reported record quarterly profits for the first three months of this year. Net profit came in at S$788 million, an increase of 9.2 per cent from a year ago.

UOB said this was led by strong net interest income, which rose by 15.2 per cent from a year ago, supported by loan growth across all regions and improving net interest margins.

Customer loans rose 12.7 per cent from a year ago to S$189 billion, while net interest margin improved to 1.73 per cent compared to 1.70 per cent in the same quarter last year.

However, fee and commission income decreased 8.6 per cent on-year, hurt mainly by lower loan processing and fund management fees.

Total income rose 4.8 per cent in the quarter to S$1.75 billion.

UOB said it continues to monitor developments in regional markets as they adjust to quantitative easing tapering by the Fed, and as Asian economic conditions moderate.

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