UOB Profit Drops As CEO Flags ‘Elevated’ Global Uncertainty

United Overseas Bank Ltd. reported a lower first-quarter profit driven by declines in lending and fee income, while Greater China non-performing assets rose.

Net income came in at S$1.44 billion ($1.14 billion) for the three months to March 31, 4% lower than a year earlier, the lender said in a statement on Thursday. That was slightly higher than the average estimate of analysts surveyed by Bloomberg. Net interest income fell 4%, while net fee income was also down by 8%.