UOB reports flat net profit growth in Q1 despite record fee income

Net fee income rose to a new high but non-interest income fell.

UOB Group posted a $1.5b net profit for Q1 2025, flat compared to Q1 2024, its latest performance highlights report showed.

The Singapore-headquartered bank said that profit was supported by “broad-based growth, including record fee income and robust loan growth.”

Earnings per ordinary share (basic) is $3.51.

Net profit is a 2% decline compared to Q4 2024.

Operating profit rose 7% to $2.1b compared to a year earlier. This is also 11% higher than in Q4 2024.

Net fee income rose 20% to a new high of $694m on growth in loan-related and wealth management fees.

Net interest income climbed 2% to nearly $2.41b with loans growing by 6%. Compared to Q4 2024, NII is 2% lower.

Its nonperforming loan (NPL) ratio rose 0.1 percentage point to 1.6%.

Other non-interest income declined 5% to $554m compared to Q1 2024, although compared to Q4 2024 it is 25% higher.

Cost-to-income ratio improved from 44.6% to 42.6% on cost discipline.

CET1 ratio is 15.5%, unchanged from Q4 2024. Cost to income ratio is 42.6%.

UOB CEO and deputy chairman Wee Ee Cheong said that they are anticipating a slowdown in global growth in the near-term on market volatility from tariffs and disruptions in global trade.

“We believe in ASEAN’s resilience and long-term potential. The region’s
competitive edge in manufacturing and commodities will ensure its relevance as
global supply chains reconfigure,” Wee said.

“We expect flows within ASEAN and between ASEAN and the rest of the world to continue growing as countries seek new ways to prosper,” he added.

(Note: all figures in Singapore dollars)