Singapore lender UOB’s Q1 core net profit leaps 74% to record $1.2 billion

SINGAPORE (Reuters) – Singapore’s United Overseas Bank (OTC:) reported on Thursday a 74% surge in core net profit in the first quarter from a year earlier on the back of strong net interest and non-interest income growth.

The lender’s core net profit rose to a record S$1.6 billion ($1.20 billion) in the first quarter, just above the mean estimate of some S$1.55 billion from four analysts polled by Refinitiv. UOB’s core net profit excludes one-off expenses.

“We delivered record profits this quarter backed by our core businesses and diversified growth drivers,” Wee Ee Cheong, CEO of the Southeast Asia-focused bank said in a statement.

“We also focused on strengthening our balance sheet, so that we can continue to support our customers through market cycles,” he added.

Last year, UOB acquired Citigroup (NYSE:)’s consumer business in four Southeast Asian markets for about S$5 billion, marking its biggest deal in two decades. When completed, the move will double its retail customer base in these markets.

“Our Citigroup integration is progressing well,” Wee said. “We are on track to close in Indonesia by the end of the year after completing our acquisition in Malaysia, Thailand and Vietnam.”

(This story has been corrected to clarify core net profit is up 74%, not net profit)

($1 = 1.3348 Singapore dollars)