{"id":25424,"date":"2023-04-27T05:47:56","date_gmt":"2023-04-27T05:47:56","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/singapore-lender-uobs-q1\/"},"modified":"2023-04-27T05:51:35","modified_gmt":"2023-04-27T05:51:35","slug":"singapore-lender-uobs-q1","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/singapore-lender-uobs-q1\/","title":{"rendered":"Singapore lender UOB&#8217;s Q1 core profit leaps 74% to record $1.2 billion"},"content":{"rendered":"<p>SINGAPORE (Reuters) &#8211;     Singapore&#8217;s United Overseas Bank reported on Thursday a 74% surge in core profit in the first quarter from a year earlier on the back of strong net interest and non-interest income growth.<\/p>\n<p>The lender&#8217;s core profit, which excludes one-off expenses, rose to a record S$1.58 billion  ($1.20 billion) in the first quarter, just above the mean estimate of some S$1.55 billion from four analysts polled by Refinitiv. <\/p>\n<p>Net profit in the first quarter climbed 67% to $1.51 billion.<\/p>\n<p>&#8220;We delivered record profits this quarter backed by our core businesses and diversified growth drivers,&#8221; Wee Ee Cheong, CEO of the Southeast Asia-focused bank said in a statement.<\/p>\n<p>&#8220;We also focused on strengthening our balance sheet, so that we can continue to support our customers through market cycles,&#8221; he said.<\/p>\n<p>UOB expects low to mid-single digit percentage loan growth for this year, double-digit fees growth and credit costs at 20 to 25 basis points, Wee said in a media briefing after the earnings announcement.<\/p>\n<p>Last year, UOB acquired Citigroup&#8217;s consumer business in four Southeast Asian markets for about S$5 billion, marking its biggest deal in two decades. When completed, the move will double its retail customer base in these markets.<\/p>\n<p>&#8220;Our Citigroup integration is progressing well,&#8221; Wee said. &#8220;We are on track to close in Indonesia by the end of the year after completing our acquisition in Malaysia, Thailand and Vietnam.&#8221;<\/p>\n<p>($1 = 1.3348 Singapore dollars)<\/p>\n<p \/>\n<p> (Reporting by Yantoultra Ngui; Editing by Kenneth Maxwell)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/singapore-lender-uobs-q1\/people-pass-by-uob-bank-branch-in-singapore\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q00E-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3Q00E-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SINGAPORE (Reuters) &#8211; Singapore&#8217;s United Overseas Bank reported on Thursday a 74% surge in core profit in the first quarter from a year earlier on the back of strong net interest and non-interest income growth. The lender&#8217;s core profit, which excludes one-off expenses, rose to a record S$1.58 billion ($1.20 billion) in the first quarter, [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":25425,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-25424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q00E-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/25424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=25424"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/25424\/revisions"}],"predecessor-version":[{"id":25621,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/25424\/revisions\/25621"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/25425"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=25424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=25424"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=25424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}