UOB Group has reported a net profit of S$1.5b for the first quarter of 2025, maintaining stability year on year.
This performance was driven by diversified growth across its wholesale banking and retail businesses, with net fee income reaching a record S$694m, a 20% increase from the previous year.
The growth was primarily attributed to loan-related and wealth management fees, alongside a 6% rise in loan growth, which also contributed to a 2% increase in net interest income.
Despite a 5% year-on-year decline in other non-interest income due to lower trading and investment income, there was a 25% increase from the previous quarter, bolstered by strong customer treasury income and effective trading and liquidity management activities.
Credit costs rose to 35 basis points as UOB set aside additional pre-emptive allowances to bolster provision coverage amidst growing macroeconomic uncertainties. The non-performing loan ratio remained stable at 1.6%, reflecting resilient asset quality.
Wee Ee Cheong, UOB’s Deputy Chairman and CEO, commented on the results, stating, “The Group achieved a solid set of results for the first quarter, supported by broad-based income growth, record fee income and robust loan growth.”
He also noted the impact of US tariffs on market volatility and global trade, anticipating a slowdown in global growth but expressing confidence in ASEAN’s resilience and long-term potential.
With a robust balance sheet, healthy capital, and strong liquidity positions, UOB is well-prepared to navigate risks and seize growth opportunities, supporting customers and communities through challenging times.
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