Among the main events at the Singapore-based bank was its acquisition last year of retail banking businesses of Citigroup in Malaysia and Thailand.

United Overseas Bank, the Singapore-based group, said that its “core” net profit surged 74 per cent in the first quarter of 2023 from a year ago.

The lender’s net interest margin rose by 56 basis points, pushing net interest income up by 43 per cent. UOB said last week that its non-interest income surged on record high trading and investment income, which more than offset the decline in net fee and commission income.

On a quarter-on-quarter basis, wealth management fees rebounded strongly from improved investor sentiment, it said.

Credit costs in 1Q23 stayed within expectations at 25 basis points, with non-performing loan (NPL) ratio stable at 1.6 per cent. 

At the end of March, UOB had a Common Equity Tier 1 ratio of 14.0 per cent.

In November 2022 UOB bought the Malaysia and Thailand retail banking and consumer credit card businesses of Citigroup. The acquisition included the transfer of over 3,000 related staff.

“Our Citigroup integration is progressing well. We are on track to close in Indonesia by the end of the year after completing our acquisition in Malaysia, Thailand and Vietnam. As we scale up our regional franchise, we will continue to invest in capabilities and to forge partnerships,” Wee Ee Cheong, UOB’s deputy chairman and CEO, said.

See this report of UOB's full-year 2022 results.