UOB's Q1 profit down 4% to $1.1b on lower fee and interest income

Trading and investment income also fell 13% compared to Q1 2025.

United Overseas Bank (UOB) posted a net profit after tax of $1.105b (S$1.4b) for Q1 2026, down 4% year-on-year (YoY) compared to the same quarter last year, its latest financial highlights report showed.

The Singapore-headquartered bank noted a softer operating environment and the resilient performance of its current account savings account (CASA), wealth, card billings, loan growth, and customer-related treasury income.

“While global uncertainty remains elevated, business activity held up across our key segments, with ongoing momentum in CASA, wealth, cards and loans,” said Wee Ee Cheong, deputy chairman and CEO of UOB.

Net fee income fell 8% YoY to $502.92m (S$637m) against Q1 2025’s record high, as investment banking and loan-related activities moderated amidst a more cautious and risk-off market sentiment this year, UOB said. It was 2% higher than in Q4 2025, however, driven by momentum in wealth and capital market activities.

Net interest income fell by 4% YoY to nearly $1.82b (S$2.3b), driven by lower benchmark rates.

Customer loans rose 4% YoY to $272.38b (S$354b), and the non-performing loan (NPL) ratio was 1.5% in Q1, dipping 0.1 percentage point compared to Q4 2025.

Trading and investment income fell 13% YoY to $319.75m (S$405m), but is higher by 88% compared to Q4 2025.

Total expenses decreased 2% YoY to S$1.5b. Total allowance declined due to a lower general allowance, UOB said.

(US$1 = S$1.27)