United Overseas Bank (UOB): Profit for 2012 up 21% to $2.8 billion

UOB Group's full year net profit rose 21 per cent to a record high of $2.8 billion partly due to higher fee and commission income.

Total income for the year ended Dec 31 rose 14 per cent to $6.5 billion.

Profits from key regional markets surpassed $1 billion for the first time, UOB noted in a statement this evening.

The record fee and commission income also mitigated the effects of interest margin pressure amid the low interest rate environment, it added.

Fourth quarter earnings for the three month period ended Dec 31 was $696 million, 25 per cent higher than the same quarter last year.