UOB posts 67% rise in Q1 profit to S$1.5 billion

UOB on Thursday (Apr 27) reported a net profit of S$1.5 billion for its first quarter ended Mar 31, up 67 per cent from S$906 million a year earlier, and in line with the S$1.5 billion average estimate from three analysts polled by Bloomberg.

Excluding one-off expenses – specifically integration costs incurred in the acquisition of Citigroup’s consumer banking businesses – UOB’s net profit for the quarter was a record S$1.6 billion, up 74 per cent on year.

In a results briefing on Thursday, UOB chief executive officer and deputy chairman Wee Ee Cheong noted that the bank’s diversified franchise – particularly its wholesale and retail businesses – contributed to the strong results.