UOB Profit Dips on Lending Income, CEO Says Uncertainty Elevated

United Overseas Bank Ltd. first-quarter profit dropped as lending and fee income both fell.

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.