Dow Jones Stock Market Today – United Overseas Bank 1Q Net Rose 18%
By P.R. Venkat
United Overseas Bank Ltd. first-quarter net profit rose 18% on year due to lower credit allowances and higher net fee income as market sentiment improved.
Net profit for the quarter came in at 1.01 billion Singapore dollars (US$756.3 million), the bank said Thursday.
Net interest income during the period was down 4% on year at S$1.53 billion, while non-interest income rose 24% at S$638 million.
Fee income was mainly driven by stronger momentum in wealth management and investment banking activities, the bank said.
“Sentiment and business activities (is) picking up and trade flows resuming between ASEAN and Greater China,” the bank said.
UOB said that its liquidity and funding positions remained robust and that it saw the business outlook cautiously improving.
Write to P.R. Venkat at [email protected] Zoom.com
(END) Dow Jones Newswires
May 05, 2021 19:39 ET (23:39 GMT)
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