UOB Q3 profit leaps 57% to S$1.05b

Net profit also saw a rise of 4% QoQ.

The UOB Group posted a 57% YoY increase to S$1.05b in net profit in the third quarter of 2021 on the back of healthy loan growth and sustained fee income, as well as lower credit allowance.

According to Wee Ee Cheong, deputy chairman and CEO of UOB, the bank built upon its strong growth momentum of 2021 to record higher Q3 net profit amidst a challenging year.

Net profit grew 37% to S$3.06b in M9 2021 on the back of rising income amidst improving business sentiment and lower credit allowance.

Net interest income increased by 4% from a year ago to S4.71b, boosted by healthy loan growth of 9% and broadly stable net interest margin. Meanwhile, net fee and commision income rose by 24% to a new high of S$1.82b.

Wealth management fees also increased by 22% to record S$639m as investor confidence returned. Loan-related fees saw a similar record high of S$528m growing 33% YoY spurred by trade and investment growth.

Follow the link for more news on

UOB

UOB Q3 Net Profit

Also Read

Philippine central bank eyes AI rules for banks

Westpac appoints Kate Dee as chief people officer

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit