By Yantoultra Ngui
SINGAPORE (Reuters) -Singapore’s United Overseas Bank reported on Wednesday S$1.49 billion ($1.16 billion) in net profit for the first quarter, flat from a year earlier, due to factors including record fee income and robust loan growth.
UOB, Southeast Asia’s third-largest bank by assets, said net fee income rose 20% boosted by strong growth in loan-related and wealth activities, but non-interest income eased from lower trading and investment income.
The first quarter net profit was however slightly below the mean estimate of around S$1.5 billion from two analysts polled by LSEG.
($1 = 1.2879 Singapore dollars)
(Reporting by Yantoultra Ngui; Editing by Christopher Cushing)
