United Overseas Bank Limited (UOVEY) posted lower profit for the first quarter mainly impacted by declines in net interest income as well as fee income.
Net profit before tax decreased to S$1.712 billion from S$1.822 billion a year ago.
Operating profit fell to S$1.899 billion from S$2.097 billion in the corresponding quarter last year.
Net profit slipped to S$1.437 billion from S$1.490 billion in the prior-year quarter.
Net interest income declined 4% year-on-year to S$2.324 billion, while net fee income fell 8% to S$637 million. Other non-interest income decreased 17% to S$462 million.
Total income declined 6% to S$3.422 billion.
Allowance for credit and other losses dropped 30% to S$203 million.
For comments and feedback contact: editorial@rttnews.com
Business News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.