UOB CEO Lowers Loan Growth Forecast as First-Quarter Profit Leaps 67%

(Straits Times) — UOB has reported strong earnings in the first quarter as high interest rates boosted its profit margins, even as its chief executive flagged rising concerns over global growth following banking crises in the United States and Europe.

The core net profit of Singapore’s third-largest bank hit a record S$1.6 billion ($1.2 billion) in the January-to-March quarter, up 74% from a year ago. This excluded one-off expenses related to its acquisition of Citigroup’s Malaysia, Thailand and Vietnam consumer banking business.