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UOB Q3 net profit hits record high

SINGAPORE — United Overseas Bank (UOB) said yesterday third-quarter net profit rose 19 per cent to a record high, helped by double-digit growth in loans and strong gains in fees and trading income.

SINGAPORE — United Overseas Bank (UOB) said yesterday third-quarter net profit rose 19 per cent to a record high, helped by double-digit growth in loans and strong gains in fees and trading income.

UOB posted S$866 million in net profit for the three months ended September, up from S$730 million in the same period a year ago. Operating profit rose 24 per cent to a record S$1.17 billion.

Net interest income gained 11 per cent to S$1.16 billion, driven by higher average loan volume in Singapore and regional countries.

Net interest margin was stable at 1.71 per cent, UOB said.

Fee and commission income increased 17 per cent to S$475 million in the third quarter with strong contributions from fund management, wealth management, investment banking as well as loan-related businesses. This was further backed by higher trading and investment income on increased treasury customer flow income and net trading income as a result of favourable market conditions, the bank said.

During the quarter, UOB intensified its deposit-gathering efforts, which, coupled with a more moderate increase in loans, resulted in a lower loan-to-deposit ratio of 85.8 per cent. CHANNELNEWSASIA

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