Singapore lenders increase profit due to higher interest rates

Singapore. On 23 February, UOB reported a staggering 37% increase in its quarterly profit as interest rates increased net interest income.

UOB’s core net profit for October to December 2022 rose to S$1.39 billion. Including one-off expenses, UOB posted a S$1.15 billion net profit.

Just like banks around the world, Singapore lenders are gaining more profit from interest rates. However, analysts say that bank profits may be curbed soon as the cycle peaks, and as economic growth hastens.

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“We remain positive on the region despite the global economic gloom in the near term,” said UOB CEO Wee Ee Cheong in a statement.

This 2023, UOB is forecasting mid-single-digit loan and double-digit fee growth.

In 2022, UOB acquired Citigroup’s consumer business in four Southeast Asian markets for roughly S$5 billion. This is its biggest deal in 20 years. The said move is expected to double its retail customer base in the said region.

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