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United Overseas Bank Ltd : United Overseas Bank 1Q Net Rises 4.9% to S$722 Million

05/02/2013 | 06:25am US/Eastern
   By Martin Vaughan 
 

SINGAPORE--United Overseas Bank Ltd. (U11.SG) said Thursday its first quarter profit rose 4.9% from the previous year to S$722 million (US$586 million).

The positive result was driven by a 25% increase in fee and commission income to S$453 million. That was partially offset by a decline in net interest income on declining margins on loans as global interest rates were driven down by central bank easing programs.

Net interest income fell 3.5% to S$964 million from the first quarter of 2012. Net interest margin fell 6 basis points to 170 bps, the bank said in a statement to the Singapore Exchange.

"Despite this strong start, we are mindful that overall growth is expected to moderate this year," said Wee Ee Cheong, deputy chairman and chief executive officer. "Within Asia, especially Southeast Asia, business and economic fundamentals remain sound and we will continue to see ample liquidity and intense competition," he said.

Write to Martin Vaughan at martin.vaughan@dowjones.com

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