UOB's first-quarter net profit fell 22.7 per cent to $409 million, from over a year ago. -- ST PHOTO: STEPHANIE YEOW
UNITED Overseas Bank's first-quarter net profit fell 22.7 per cent to $409 million, from over a year ago.
Net interest income and non-interest income both grew for the three months ended Marc 31, compared to the same period last year.
However, impairment charges increased to $378 million from $89 million in the first quarter last year.
The increase was largely due to higher individual impairment on loans and higher collective impairment provided for loans and investments on account of the global economic downturn.
Mr Wee Ee Cheong, the UOB Group's Deputy Chairman and Chief Executive Officer, said: 'Despite the extraordinary environment, we have achieved a decent set of results for the first quarter, benefiting from the industry's move towards 'back to basics.
"There is much talk about 'green shoots' and a growing sense of optimism about the economy. The banking world is adjusting to new realities, and is undergoing a major overhaul so that confidence can be re-established.
'While policy measures are in the right direction, distressed balance sheets in the global banking system can only be restored over time.'
