UOB: Profit Jumps on Fees and Commissions
The smallest of Singapore's big-three banks reported record net income for the first quarter of 2018, bolstered by more fees and commissions from wealthy clients.
UOB Group had a first-quarter profit of S$978 million, 21 percent up from a year ago. Total income reached S$2.23 billion, driven by robust growth in net interest and fee and commission income, the bank said on Thursday.
«Despite ongoing trade tensions and financial market volatilities, we are confident of Asia’s economic fundamentals and growth potential which continue to present immense opportunities,» said Wee Ee Cheong, CEO of UOB Group.
Costs Rising
Group retail, which houses the private banking and wealth management units, reported income growth of 6 percent to S$963 million, boosted mainly by the wealth management business and fee-based products.
The bank reported an 11 percent increase in total expenses compared with a year earlier. Investment in technology to accelerate digitization and higher performance-related personnel costs pushed the cost-income ratio up one percentage point to 44.2 percent.
