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February 25, 2011updated 04 Apr 2017 1:08pm

UOB FY10 net profit up 42%

UOB has reported full year net income of S$2.7bn, up 41.8% from the previous fiscal. Net interest income fell 3.9% in the twelve months to 31 December to S$3.53bn, while fee and commission income rose 19.1% to S$1.16bn.

By Duygu Tavan

UOB has reported full year net income of S$2.7bn, up 41.8% from the previous fiscal.

The group generated just over S$1bn from its retail banking business, down 2% compared the previous fiscal.

Net interest income fell 3.9% in the twelve months to 31 December to S$3.53bn, while fee and commission income rose 19.1% to S$1.16bn.

The bank’s net interest margin declined from 2.36% at year-end 2009 to 2.09% at end-2010.

The bank’s non performing loans (NPL) ratio improved from 2.2% at end-2009 to 1.8% at the end of last year.

NPL’s amounted to S$2.15bn at the end of 2010, down by 4.6% from a year ago.

 

Regional metrics for fiscal 2010 included:

  • Pre-tax profit at the bank’s Singapore business rose by 43.7% to S$2.29bn;
  • Customer loans in Singapore rose 12.3% to S$ 73.73bn;
  • In Malaysia, pre-tax income was up 42.8% to RM937m ($306.86m).
  • Customer loans in Malaysia increased by 24.4% to RM35.9bn.
  • In Thailand, pre-tax profits rose by 12.1% to THB87m ($2.84m)
  • Customer deposits in Thailand increased by 15.2% to THB158.4bn.

Wee Ee Cheong, deputy chairman and chief executive of UOB, said: “We are confident of delivering robust growth this year. Our strong balance sheet, extensive distribution network and customer franchise position us well to tap the growing consumer wealth and rising intra-regional needs of customers in

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