Net fee income increased 2% q-o-q but fell 8% y-o-y to $637 million, underpinned by higher capital market activities and sustained momentum in wealth, notwithstanding a normalisation of card fees following the prior quarter’s seasonal peak. Other non-interest income rose 45% q-o-q but declined 17% y-o-y to $462 million from the year-end seasonal low, supported by stronger customer treasury income and prudent liquidity management, with trading activities benefitting from market volatility.
United Overseas Bank’s (UOB) 1QFY2026 ended March 31 net profit of $1.437 billion was above the latest Bloomberg estimate of $1.39 billion but within an earlier estimate three weeks ago of $1.43 billion. Net profit was up 2% q-o-q but down 4% y-o-y.
Net interest income moderated 1% q-o-q and 4% y-o-y to $2.3 billion primarily due to a shorter quarter, while net interest margin narrowed 2 basis points (bps) q-o-q to 1.82% amid continued margin pressures. These effects were partially offset by disciplined funding cost management, active balance sheet optimisation and modest asset growth.
