UOB Q1 net profit falls 10% to S$906 million; CFO sees improvements ahead
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Raphael Lim
UOB's Q1 net profit may have fallen in the first quarter amid lower trading and investment income but the bank expects improvements in the coming quarters.
Speaking at a press briefing on Friday (Apr 29) morning, chief financial officer Lee Wai Fai noted that operating profit was lower mainly due to the “accounting asymmetry” impact from hedges and market-driven volatilities affecting trading and investment income.
“The impact on hedges will be more than offset by increasing net interest income in the coming months,” he said, noting that core business drivers remain strong. The bank also expects higher margins from rising interest rates.
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