SINGAPORE, April 27 (Reuters) – Singapore’s United Abroad Financial institution (UOBH.SI) reported on Thursday a 74% surge in core revenue within the first quarter from a yr earlier on the again of sturdy web curiosity and non-interest earnings development.
The lender’s core revenue, which excludes one-off bills, rose to a report S$1.58 billion ($1.20 billion) within the first quarter, simply above the imply estimate of some S$1.55 billion from 4 analysts polled by Refinitiv.
Internet revenue within the first quarter climbed 67% to $1.51 billion.
“We delivered report earnings this quarter backed by our core companies and diversified development drivers,” Wee Ee Cheong, CEO of the Southeast Asia-focused financial institution mentioned in a press release.
“We additionally centered on strengthening our stability sheet, in order that we are able to proceed to help our clients by way of market cycles,” he mentioned.
UOB expects low to mid-single digit share mortgage development for this yr, double-digit charges development and credit score prices at 20 to 25 foundation factors, Wee mentioned in a media briefing after the earnings announcement.
Final yr, UOB acquired Citigroup’s (C.N) client enterprise in 4 Southeast Asian markets for about S$5 billion, marking its largest deal in 20 years. When accomplished, the transfer will double its retail buyer base in these markets.
“Our Citigroup integration is progressing effectively,” Wee mentioned. “We’re on observe to shut in Indonesia by the top of the yr after finishing our acquisition in Malaysia, Thailand and Vietnam.”
($1 = 1.3348 Singapore {dollars})
(This story has been corrected to make clear core web revenue is up 74%, not web revenue)
Reporting by Yantoultra Ngui; Enhancing by Kenneth Maxwell
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