United Overseas Bank posts 3.3% rise in Q3 net profit to $730 million

United Overseas Bank turned in a net profit of $730 million in the third quarter compared with a year ago, it said on Tuesday, Nov 5, 2013. -- BT FILE PHOTO: ARTHUR LEE CH
United Overseas Bank turned in a net profit of $730 million in the third quarter compared with a year ago, it said on Tuesday, Nov 5, 2013. -- BT FILE PHOTO: ARTHUR LEE CH

United Overseas Bank turned in a net profit of $730 million in the third quarter compared with a year ago, it said on Tuesday.

This was a 3.3 per cent increase compared with a year ago.

Net interest income for the three months to Sept 30 increased 7.7 per cent to $1.05 billion compared with a year ago, a quarterly record. This was driven by loans growth and a stable net interest margin of 1.71 per cent.

Fee and commission income rose 9.2 per cent to $407 million, as the bank saw strong contributions from wealth management and trade-related activities.

Earnings per share were $1.74. Net asset value per share was $14.92 as at Sept 30.