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BRIEF-United Overseas Bank Posts Quarterly Net Profit Of S$906 Million

Reuters SG
·1-min read

April 29 (Reuters) - United Overseas Bank Ltd:

* QTRLY NET INTEREST MARGIN 1.58% VERSUS 1.57%

* AS AT QUARTER-END, NPL RATIO 1.6%

* AS AT QUARTER-END, CET1 RATIO 13.1%

* QTRLY NET INTEREST INCOME S$1,686 MILLION VERSUS S$1,529 MILLION REPORTED YEAR AGO

* REMAIN OPTIMISTIC OF RECOVERY OF OUR REGION AND LONG-TERM POTENTIAL OF SOUTHEAST ASIA

* QTRLY NET PROFIT S$906 MILLION VERSUS S$1,008 MILLION REPORTED YEAR AGO

* AIM TO ANNOUNCE NET ZERO PLANS BY END OF YEAR

* ARE MAKING GOOD PROGRESS IN CITI INTEGRATION AND DIGITAL INITIATIVES

* CREDIT COSTS IN 1Q22 NORMALISED TO 19 BASIS POINTS

* SEES MID TO HIGH SINGLE-DIGIT LOAN GROWTH IN 2022

* SEES 2022 CREDIT COSTS MANAGEABLE AT 20 TO 25 BASIS POINTS

* SEES STABLE COST-TO-INCOME RATIO IN 2022

* SEES HIGH SINGLE-DIGIT FEE GROWTH IN 2022 Source text for Eikon: Further company coverage: