The Singapore-headquartered banking group, which provides services including private banking, announced its first-quarter figures.

United Overseas Bank (UOB), the Singapore-headquartered group, yesterday reported a 6 per cent quarter-on-quarter rise in core operating profit for the first three months of this year, at S$2 billion. However, the sum represented a 2 per cent slip from a year ago.

Net fee income in Q1 rose 5 per cent to $580 million; total expenses rose 2 per cent to $1.475 billion. Allowances for credit and other losses rose to S$163 million, up 4 per cent year-on-year.

The rise in net fee income was driven by good loan-related fees and pickup in wealth as investor confidence returned, UOB said.

“Amid an uncertain global environment, UOB delivered a stable set of results for the first quarter, backed by our strong balance sheet and liquidity position,” Wee E Cheong, deputy chairman and CEO, UOB, said.

The death of chairman emeritus Wee Cho Yaw in February has prompted speculation about the Wee family dynasty's control over the bank.