United Overseas Bank (Singapore) (SG:U11) has released an update.
United Overseas Bank (UOB) presented robust financial performance in the first quarter of 2024, with a core net profit increase of 5% quarter over quarter to S$1.6 billion, underpinned by a solid balance sheet and growth across its business franchises. Despite global uncertainties, the bank has seen success in regional expansion and integration efforts, particularly with the Citigroup acquisition in Southeast Asia. UOB’s continued growth is marked by high net fee income, record trading, and investment earnings, maintaining a stable non-performing loan ratio and a strong Common Equity Tier 1 ratio.
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