UOB Q1 profit leaps 67% to $1.5 billion

SINGAPORE – UOB reported strong earnings in the first quarter as high interest rates boosted its profit margins, even as its chief executive flagged growing concerns over global growth following banking crises in the United States and Europe.

The core net profit of Singapore’s third-largest bank stood at a record $1.6 billion in the last quarter, up 74 per cent from a year ago. This excluded one-off expenses related to its acquisition of Citigroup’s Malaysia, Thailand and Vietnam consumer banking business.

Factoring in these expenses, net profit came in at $1.5 billion, representing a 67 per cent increase from the same period last year.

Net interest income rose 43 per cent to $2.41 billion, bolstered by an uplift of 56 basis points in its net interest margin – a key gauge of a lender’s profitability.

However, net fee and commission income slipped 4 per cent to $552…