UOB reported net profit of S$1.38 billion for the third quarter ended September, down 1 per cent from S$1.4 billion in Q3 FY2022, after accounting for expenses related to the acquisition of Citigroup’s Malaysia, Thailand and Vietnam consumer banking business.
On Thursday (Oct 26), the bank said notwithstanding the one-off expenses, core net profit would have been S$1.5 billion – in line with Bloomberg consensus estimates. Annualised earnings per share for the quarter stood at S$3.23, down from S$3.30 in the same period a year earlier.
Net interest income was up 9 per cent on the year to S$2.4 billion from S$2.2 billion previously. Net interest margin (NIM) rose to 2.09 per cent, up 14 basis points from the previous year, though moderating from Q2’s NIM of 2.12 per cent.
UOB is the first among the three local banks to report its Q3 financials this year. The counter ended Wednesday S$0.06 or 0.2 per cent higher at S$27.72.