UOB Q3 profit leaps 57% to S$1.05b

Net profit also saw a rise of 4% QoQ.

The UOB Group posted a 57% YoY increase to S$1.05b in net profit in the third quarter of 2021 on the back of healthy loan growth and sustained fee income, as well as lower credit allowance.

According to Wee Ee Cheong, deputy chairman and CEO of UOB, the bank built upon its strong growth momentum of 2021 to record higher Q3 net profit amidst a challenging year.

Net profit grew 37% to S$3.06b in M9 2021 on the back of rising income amidst improving business sentiment and lower credit allowance.

Net interest income increased by 4% from a year ago to S4.71b, boosted by healthy loan growth of 9% and broadly stable net interest margin. Meanwhile, net fee and commision income rose by 24% to a new high of S$1.82b. 

Wealth management fees also increased by 22% to record S$639m as investor confidence returned. Loan-related fees saw a similar record high of S$528m growing 33% YoY spurred by trade and investment growth.