UOB CEO Sees Uncertain Global Growth Clouding Loan Business
- Net interest margin shrank on both quarterly and yearly basis
- Bank lowers 2024 loan-growth forecast amid global uncertainty
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United Overseas Bank Ltd.’s fourth-quarter profit expanded, as a decline in its lending income was cushioned by stronger fee income from wealth and credit cards.
Net income, excluding one-off expenses, rose 7% to S$1.5 billion ($1.1 billion) from a year earlier in the three months ended Dec. 31, Southeast Asia’s third-largest lender said Thursday. That was in line with the S$1.51 billion average estimate of two analysts surveyed by Bloomberg News.