United Overseas Bank Ltd (OTCPK:UOVEF)
$ 22.05 0 (0%) Market Cap: 37.33 Bil Enterprise Value: 5.48 Bil PE Ratio: 9.03 PB Ratio: 1.09 GF Score: 82/100

Q1 2023 United Overseas Bank Ltd Trading Update Call Transcript

Apr 27, 2023 / NTS GMT
Release Date Price: $22.01 (+1.58%)
Wendy Wan

Good morning, and welcome to UOB's First Quarter 2023 Results Briefing. I'm from the Wendy Wan from the Group Strategic Communications team, and I will be your MC for today. This morning, we have Mr. Wee Ee Cheong, UOB Deputy Chairman and CEO; and Mr. Lee Wai Fai, our CFO, to present the results.

(Operator Instructions). Without further ado, I will now pass the time to our CEO, Mr. Wee, please.

Ee Cheong Wee
United Overseas Bank Limited - Deputy Chairman & CEO

Good morning. Thank you for joining us today. We had a strong start to the year. Our core net profit for the quarter grew to a record SGD 1.6 billion, up 74% year-on-year. Our diversified engines across the region in retail and wholesale businesses have done well. Core ROE rose to 14.9%.

Net interest income was up, boosted by higher margins. Other noninterest income also surged with record high trading and investment income offsetting softer fee income.

Core cost-to-income ratio improved to 40.9% as we stayed disciplined. Asset quality was resilient with credit costs

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