United Overseas Bank (UOB SP) NOT RATED1Q22 Results Flash NoteAnalyst: Jonathan Koh, CFA Tel: (65) 6590 6620
- UOB reported net profit of S$906m for 1Q22, below consensus estimate of S$1,025m.
- Loan growth was strong at 9% yoy and 3% qoq. NIM expanded 1bp qoq to 1.58%.
- Fees declined 8% yoy and 1% qoq. Wealth management fees decreased 27% yoy and 9% qoq.
- Other non-interest income dropped 70% yoy to S$101m due to lower non-customer related trading and investment income and negative impact from hedges.
- Operating expenses decreased 3% yoy.
- NPL ratio was unchanged at 1.5%. Total provisions dropped 11% yoy to S$178m due to lower general provisions.