The Asian bank reported third quarter results yesterday.

Singapore-headquartered UOB said yesterday it delivered a “stable underlying performance” for the third quarter of this year, with net profit standing at S$1.3 billion ($1.02 billion). Fee income reached a record high.

For the first nine months of the year, wealth income rose 13 per cent from a year ago. 

In the third quarter, net interest income remained stable at S$2.3 billion quarter on quarter, as sustained loan growth offset margin pressures. Net fee income saw double-digit YoY growth of 19 per cent to a record S$733 million on the back of strong growth in wealth, cards and loan-related activities.

Total expenses fell 4 per cent quarter-on-quarter, UOB said.

The group said its Common Equity Tier 1 ratio at 14.6 per cent.