The UOB Group (Group) recorded after-tax profit of $1,990 million in nine months 2010 (9M10), an increase of 44.2% from a year ago.
For third quarter 2010, after-tax profit was $688 million, 37.5% increase over the same quarter last year. Compared to second quarter 2010, after-tax profit grew 14.3%.
UOB says the group effort generated loan growth of 7.8% from last year end. The increase was mainly from home loans as the group continued to be a leading player in the market. In Singapore, loans expanded 6.8% whilst the key regional countries rose 13.6%. Malaysia, with a loan base equivalent to one-fifth of Singapore’s, led the growth with a 19.0% increase.
Net interest income for 9M10 was $2,667 million, 4.1% lower year-on-year with net interest margin declining 23 basis points to 2.15%.
For 9M10, non-interest income rose 13.5% to $1,568 million due to fee and commission income.
Loans reached $109.7 billion as at 30 September 2010, 7.8% increase from last year end and 3.2% from last quarter.
As at 30 September 2010, Group Tier 1 CAR of 15.1% and total CAR of 19.9% continued to be well above the regulatory minimum of 6% and 10% respectively.