FINANCIAL SERVICES | Staff Reporter, Singapore

UOB's Q4 profit rose by 16% to $855m

Net earnings for 2017 grew by 9% to $3.39b.

United Overseas Bank (UOB) reported a 16% year-on-year (yoy) increase on its net earnings for fourth quarter ended 31 December (4Q 2017) with $855m.

The growth was driven by increased in net interest income, fee and commission income, and net trading income, said the bank.

Net interest income grew by 15% to $1.46b, which is pushed by higher net interest margin and loan growth. The bank’s net interest margin improved by 12 basis points to 1.81%.

Meanwhile, UOB’s fee and commission income climbed 10% to $585m from strong growth on its wealth management, fund management, and credit card businesses.

The bank’s net profit for fiscal year 2017 grew by 9% yoy to $3.39b, which is driven by growth on its net interest income and fee and commission income.

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