UOB QI profit down 2% amid drop in net interest margin

UOB had a muted start to 2024 as its margins from interest rates dropped, even as loans picked up pace and fee income rose.

- Prisca Ang

Net profit for the first quarter fell 2 per cent to $1.49 billion, down from $1.51 billion a year ago, it said on May 8.

Still, UOB's results were better than expected, beating the mean estimate of $1.43 billion from three analysts polled by LSEG.

Excluding costs from the integration of Citigroup's consumer units in four Asean markets, net profit stood at $1.57 billion, dipping 1 per cent from a year ago.

Chief executive Wee Ee Cheong said UOB's retail banking business did well, while wealth management is picking up and bancassurance remains strong, growing by a double-digit percentage year on year across all of its markets.