Overall, the Singapore-based banking group sees a double-digit rise in third-quarter net income.
The UOB Group reported a record S$1.6 billion in core net profit in the third quarter, up 11 percent year on year, according to a statement released on Friday.
Developments were driven by record highs in net fee income, trading, and investment income, the bank said.
Wealth Management Growth
Net fee income was up 7 percent from a year earlier at a new high of S$630 million, propelled by growth in wealth management fees. That helped to make up for a lower 1 percent increase in net interest income, which was up 1 percent year-on-year at S$2.5 billion.
Other net interest income, however, rose 70 percent and was at $S744 million.
Credit Costs
In the third quarter, credit costs rose by 34 basis points as a result of the inclusion of the Thailand retail portfolio following its integration of what was formerly a Citi business in the quarter.
Despite that, credit costs for the full year will remain within its previously indicated guidance of 25 to 30 basis points.
Outlook
Overall, the group said that it had now successfully integrated the Citigroup portfolio of businesses in Malaysia, Thailand, and Indonesia, marking a significant milestone, with synergies from cross-selling delivering promising results.
«The Group achieved a strong quarter with record net profit, driven by broad-based growth across all business segments and our key markets in ASEAN. Backed by our strong balance sheet and core franchise, we are well-positioned to maintain the momentum of revenue growth,» UOB chief executive officer Wee Ee Cheong indicated in the statement.
