UOB's January-March sifter make a bundle rose to S$529 million ($389.5 million) from S$518 million a year ago. Analysts had predicted trellis benefit of S$522 million, according to an undistinguished prediction from six analysts polled by Reuters.
UOB took S$43 million value of clear provisions for acknowledgement derivatives, which it said fully provided for its familiarity to asset-backed collateralised responsibility obligations -- complex instruments that collect loans or bonds and that were dreadfully hit by the U.S. subprime crisis. UOB, controlled by chairman Wee Cho Yaw and his family, is considered the supermarket concert-master in Singapore's accommodation superstore for small- and medium-sized businesses, and has benefited from requirement for construction projects.
"While Singapore banks are not insulated from the epidemic slowdown, the infrastructure projects that have been committed in the familial conciseness should, in our view, yield a mitigate against recession," said Jaj Singh, an analyst at UBS, before the results. UOB's trap lending grew 19.4 percent in the opening zone from a year earlier, slowing a little from 20.5 percent in the fourth quarter. Net investment revenue rose 11.8 percent to S$852 million from a year earlier and 14.6 percent from the fourth quarter, while non-interest income, which includes commissions and fees, strike down 4.1 percent from a year earlier to S$414 million. UOB shares dropped 3.8 percent in January-March, better than a 13 percent down-swing in shares of sector kingpin DBS but underperforming third-ranked Oversea-Chinese Banking Corp's 2.3 percent fall.
UOB shares have gained almost 41 percent since hitting a scant of S$15.38 on Jan 22.
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