UOB Q3 profit up 57%; watching digital asset space but 'not 100% convinced' about cryptocurrencies

UOB U11 is "not 100 per cent convinced yet" about the prospect of cryptocurrencies and will continue observing this space, even as it recognises that clients want exposure to digital assets.

Speaking at its quarterly results briefing on Wednesday, the bank's chief exective Wee Ee Cheong said the bank is instead eyeing opportunities in central bank digital currencies (CBDCs) and digital asset tokenisation, noting that his bank's partnerships with Singapore-based digital asset platforms Marketnode and ADDX.

UOB logged a 57 per cent rise in net profit for its third quarter, on the back of healthy loan growth and sustained fee income, as well as lower credit allowance. Net profit for the three months ended Sep 30, 2021 stood at S$1.05 billion, compared with S$668 million from the year before.