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United Overseas Bank (UOB) reported first-quarter 2026 earnings that matched market expectations, supported by steady loan expansion and resilient wealth management activities despite pressure from lower interest rates and cautious investor sentiment.
The Singapore-based lender posted a net profit of S$1.44 billion for the January-to-March quarter, down 4% compared to the same period last year. However, the result remained close to analysts’ forecasts of S$1.4 billion, according to Bloomberg estimates. Following the earnings release, UOB shares rose around 1% to S$36.65 in early trading.
UOB stated that the weaker year-on-year performance reflected a softer operating environment after a particularly strong first quarter in 2025. Net interest income declined 4% to S$2.32 billion as falling benchmark interest rates continued to pressure banking margins. Even so, customer loans increased 4% from a year earlier, helping to support overall revenue performance.
The bank’s net interest margin narrowed to 1.82%, compared with 2.00% a year ago and 1.84% in the previous quarter. Meanwhile, fee income dropped 8% to S$637 million as investment banking activity and loan-related fees slowed amid a more cautious market environment.
Trading and investment income also fell 13% year-on-year to S$405 million. However, the figure surged 88% from the previous quarter, driven by stronger customer treasury activity during periods of heightened market volatility.
UOB’s capital position remained solid, with its Common Equity Tier 1 (CET1) capital ratio improving to 15.3% from 15.1% in the prior quarter. The stronger capital buffer highlights the bank’s financial resilience as it navigates uncertain economic conditions and changing interest rate trends in Singapore and across the region.
Investors continue to monitor UOB’s performance closely as Southeast Asian banks face evolving market conditions, slower deal activity, and shifting monetary policy expectations in 2026.
