SINGAPORE (Reuters) - Singapore’s United Overseas Bank (UOBH.SI) posted a 5.4 percent rise in quarterly net profit on Friday, driven by higher net interest income and trading income.
The smallest of Singapore’s three listed lenders is the first to report results for the sector, which has been hobbled by debt payment woes in the city state’s oil services industry.
It said its asset quality remained sound and its non-performing loans ratio was stable at 1.5 percent.
Net profit rose to S$807 million ($578 million) in January-March from S$766 million a year earlier, while specific allowance on loans declined. Total income grew 7.8 percent to S$2.12 billion.
“We started the year on a bright note with a steady growth trajectory from our core businesses. Against an unpredictable and volatile macro backdrop, we have maintained a resilient portfolio and strong balance sheet,” CEO Wee Ee Cheong said in a statement.
Reporting by Anshuman Daga; Editing by Stephen Coates