UOB Q1 profit down 1.6% to S$1.5 billion
UOB : U11 0% on Wednesday (May 8) reported a net profit of S$1.49 billion for its first quarter ended Mar 31, 2024, down 1.6 per cent from S$1.51 billion a year earlier.
The earnings beat the mean estimate of S$1.43 billion from three analysts polled by LSEG.
Excluding one-off expenses incurred in the acquisition of Citigroup’s consumer banking businesses, the bank’s net profit would have been 0.7 per cent lower year on year at S$1.57 billion.
Quarter on quarter, net profit was up 6 per cent from S$1.4 billion in Q4 FY2023, supported by record trading and investment income and higher net fee income, the bank said.
Total income for the quarter was flat at S$3.52 billion, as a drop in net interest income (NII) was offset by gains in net fee income and other non-interest income.
Net interest income for the quarter fell 2 per cent to S$2.4 billion. Net fee income was up 5.1 per cent to S$580 million from S$552 million, while other non-interest income was 3.2 per cent higher at S$581 million from S$563 million in the same period a year ago.
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The bank’s non-performing loans (NPL) ratio was 1.5 per cent, down from 1.6 per cent the same period last year.
Total allowances fell by 5.2 per cent to S$186 million for the quarter, following a 3.8 per cent drop in specific allowance on loans to S$158 million from S$164 million. General allowance, meanwhile, remained unchanged at S$28 million.
Shares of UOB closed at S$30.55 on Tuesday, down S$0.01 or 0.03 per cent.
