UOB’s net profit up 1.6% to $801m in Q1

Thanks to broad-based income growth.

UOB today reported that its net profit grew 1.6% year-on-year to $801m in the first quarter, on back of higher net interest and non-interest income.

Net interest income continued its upward trend, rising 8.3% from a year ago to $1.2b. Loans grew 7.8% across most industries and territories while net interest margin increased 3 basis points to 1.76% in the quarter, lifted by improved loan pricing and higher securities yield.

Non-interest income grew 17.5% from a year ago to $755m in the first quarter, on the back of a 9.5% increase in fee income across major lines of businesses and higher trading and investment income from treasury customer income and investment gains.

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