Singapore’s third biggest lender The UOB Group, delivered net earnings of S$801 million for the first quarter of 2015 an increase of 1.6% over the first quarter of 2014, and 1.9% higher than fourth quarter of 2014.
Operating profit rose 10.7% from a year ago and 5.6% over the fourth quarter of 2014, led by a broad-based increase in core income.
Private Banking at UOB sits under the umbrella of the Group Retail segment which also embraces Consumer, Privilege, Business and Private Banking.
Segment profit for Group Retail increased 9.9% to $332 million in the first quarter mainly driven by higher net interest income as well as higher non-interest income from treasury and credit cards products. The increase was partly negated by higher business volume-related costs.
In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and the Philippines, as well as branches and representative offices.
