SINGAPORE: United Overseas Bank Ltd’s third-quarter profit expanded, powered by higher lending and strong fee income from wealth and credit cards.
Net income excluding one-off items rose 5% to US$1.1 billion from a year earlier in the three months ended Sept 30, Southeast Asia’s third-largest lender said today.
That was in line with the average estimate of three analysts surveyed by Bloomberg News.
UOB chief executive officer Wee Ee Cheong signalled a more uncertain economic environment ahead, saying recent geopolitical tensions have added to market volatility.
Wee expects Southeast Asia to stay resilient, saying consumer sentiment remain strong and there are rising investment flows into the region.
The Singapore-based bank, which bought Citigroup Inc’s consumer assets in Indonesia, Malaysia, Thailand and Vietnam, sees mid single-digit loan growth for next year. It is predicting double-digit fee growth in 2024.
UOB is the first of the city state’s three biggest banks to report earnings. DBS Group Holdings Ltd will report results on Nov 6, followed by Oversea-Chinese Banking Corp on Nov 10.