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UOB's Q1 profit rises 18% on lower impairment charges

UOB's Q1 profit rises 18% on lower impairment charges

File photo of UOB (Photo: Jeremy Long)

SINGAPORE: United Overseas Bank, reported an 18% rise in first-quarter net profit on Thursday (May 6), 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 billion for the quarter ending in 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.

Source: Reuters/lk

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