UOB's Q4 net profit rises 11.1% to $773m on steady growth in loans

United Overseas Bank has posted an 11.1 per cent rise in its fourth-quarter net profit from the same period a year ago, to $773 million.

Net interest income increased 13.3 per cent to $1.1 billion in the three months ended Dec 31, the bank said on Friday. This was due to steady loans growth and an improvement in its net interest margin by 0.3 percentage points to 1.74 per cent.

Fees and commission income grew 12.2 per cent to $435 million, thanks to strong demand in lending, corporate finance and wealth management.

Trading and investment income, however, declined 1.9 per cent to $144 million.

For the full year, the lender's net earnings were up 7.3 per cent to $3.01 billion.

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