Singapore banks post robust Q1 results, but NIMs look to have peaked

THE trio of local banks continued to post robust results for the first quarter of 2023, but their net interest margins (NIMs) appear to be past their peak.

All three banks’ chief executives said they will remain prudent ahead of rising credit quality risks.

For the first quarter of 2023, UOB’s net profit rose 67 per cent on year to S$1.5 billion. Its retail business received a boost from the inclusion of the newly acquired Citi consumer portfolio.