Singapore bank UOB's core net profit jumps 37 per cent on rising rates
SINGAPORE: United Overseas Bank reported on Thursday a 37 per cent increase in quarterly core profit as rising interest rates swelled net interest income at Singapore's smallest listed bank.
Singapore lenders, like their global peers, are gaining from higher interest rates, but analysts say that as the cycle peaks and economic growth falters, rising bank profits could be curbed. UOB's core net profit rose to S$1.39 billion in October-December, compared with an average estimate of S$1.2 billion from two analysts polled by Refinitiv. Including one-off expenses, UOB posted a net profit of S$1.15 billion.
"We remain positive on the region despite the global economic gloom in the near term," Wee Ee Cheong, CEO of the Southeast Asian-focussed bank said in a statement.Last year, UOB acquired Citigroup's consumer business in four Southeast Asian markets for about S$5 billion, marking its biggest deal in two decades. The move will double its retail customer base in these markets.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rental prices in Singapore surpass Hong Kong, the world's most expensive housing market - Singapore NewsThe rise in rental prices could curtail Singapore's advantage in luring global talent.
Read more »
Singapore “strongly condemns” North Korea's latest ballistic missile test - Singapore NewsAmong nations like the US, South Korea, Japan, the G7 group of nations and the European Union, Singapore condemned the ICBM launch.
Read more »
Duo complete mammoth cycling trip from Finland to Singapore in 245 days - Singapore NewsOne of the cyclists, Valtteri Heinilä encouraged netizens to give their all to whatever they are doing now, adding: 'Less planning, more living.'
Read more »
FIBA 3X3 Asia Cup 2023 to be held at Singapore Sports Hub - Singapore NewsIt was announced last year that Singapore will be hosting this prestigious tournament for three editions – 2023, 2024, and 2025.
Read more »
Past champions set to battle for glory at HSBC Singapore Rugby Sevens - Singapore NewsOther teams battling to emerge as champions at the National Stadium are Argentina, Fiji, France, Hong Kong, Ireland, Japan, Samoa, Spain, Uruguay and the USA.
Read more »
Morning Digest, Feb 21 - Singapore NewsHere are the top stories you might've missed...
Read more »