UOB Group reported a dip in its net earnings for the first quarter of 2016. Investors will now be watching closely to see how the other two Singaporean banks have fared.
Non-interest income declined 8 percent to S$695 million in quarter one 0f 2016. This was mainly attributable to lower wealth management fees and trading and investment income. UOB claims this was attributable to a softer investor appetite due to the volatile market conditions in the first quarter.
«While revenue has moderated in line with the slower growth environment, we continue to maintain a healthy balance sheet, with stable asset quality and strong core capitalisation. Our recent successful issuances of covered bonds and subordinated notes reflect the confidence investors have in us,» said Wee Ee Cheong, UOB’s Deputy Chairman and Chief Executive Officer.
Barclays Wealth
Investors will now be watching closely to see how the other two Singapore banks have fared in the first quarter of 2016. OCBC, who recently acquired the Asian wealth management units of the U.K. bank Barclays, will be reporting on the 29th April and Singapore's largest banking group DBS, on the 3rd of May.
