UOB’s net profit soars 34% YoY in Q3

The increase was driven by strong net interest income amongst others.

UOB Group saw a 34% jump in its net profit for the third quarter of the financial year 2022 (Q322).

In an announcement, the bank said a strong net interest income, higher customer-related treasury income, and lower credit allowance drove its net profit higher in Q3.

In Q3, the bank’s net interest income grew 39%. “Other non-interest income grew 58% as customer demand for hedging activities accelerated,” UOB added.

The bank also attributed its strong performance to its “diversified growth across the wholesale and retail businesses.”

“Cross-border income grew steadily while credit card fees were higher and the mortgage business remained resilient,” UOB said.

With the addition of the Q3 figures, UOB’s net profit for the first nine months (9M22) stood at $3.42b, surging 12% from the same period last year.

Net interest income for 9M22 grew by 23% YoY to $5.78b.