FX.co ★ UOB Q1 Net Profit Declines

The United Overseas Bank (UOB) Group has announced a quarterly net profit of S$1.49 billion. This figure, which includes one-off expenses, represents a 2% decrease from the previous year. The core net profit was slightly higher at S$1.57 billion, marking a decline of 1%.

In terms of total income, the figure remained steady at S$3.52 billion when compared with last year. Net interest income, on the other hand, was down by 2% at S$2.36 billion.

Sharing his thoughts on the company's progress, Deputy Chairman and CEO of UOB, Wee Ee Cheong, commented on the successful integration with Citigroup. Following smooth transitions in Malaysia and Indonesia last year, customers in Thailand were successfully migrated to the UOB platform. UOB aims to complete the integration in Vietnam by next year.