UOB’s Q3 internet revenue rises 34% to document excessive of S$1.4 billion


SINGAPORE: United Abroad Financial institution (UOB) on Friday (Oct 28) mentioned its internet revenue for the third quarter hit a document excessive of S$1.4 billion, up 34 per cent on a year-on-year foundation.

The “sturdy” efficiency for the quarter ended September was pushed by larger internet curiosity earnings and customer-related treasury earnings, mentioned deputy chairman and chief government officer Wee Ee Cheong.

Following the announcement, shares of the native financial institution jumped 1.2 per cent to S$27.22 as of 1.15pm.

UOB’s internet curiosity earnings for the third quarter rose 39 per cent year-on-year to a brand new excessive of S$2.23 billion, as internet curiosity margin expanded 40 foundation factors on the again of rising rates of interest and mortgage development of 6 per cent.

This enhance in internet curiosity earnings greater than offset the ten per cent decline in internet payment and fee earnings.

The latter fell to S$519 million, as loan-related charges moderated and wealth administration charges remained tender amid subdued market sentiment, the financial institution mentioned.

In the meantime, different non-interest earnings surged 58 per cent on-year to S$431 million on the again of record-high customer-related treasury earnings, as demand for hedging actions rose.

Improved efficiency from buying and selling and liquidity administration actions amid market volatilities additionally helped.

UOB mentioned its credit score prices improved by 5 foundation factors from the final quarter to 17 foundation factors, as asset high quality stabilised with the ratio for non-performing loans down barely on-quarter to 1.5 per cent.

UOB Group’s steadiness sheet remained “sturdy with wholesome liquidity”. All-currency liquidity protection ratio improved to 142 per cent within the third quarter, whereas the loan-to-deposit ratio was “wholesome” at 85.2 per cent, it mentioned.



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