Among the driving factors for fee income in Q1 was stronger momentum in the wealth management business, UOB said.

United Overseas Bank has reported an 18 per cent year-on-year rise in first-quarter net profit after tax, standing at $1 billion. The figure was up by 46 per cent from the previous quarter.

The Singapore-based lender said that its fee income rose by 22 per cent on the previous quarter to S$638 million, with stronger momentum in the wealth management business being one of the contributing factors.

Trading on investment income rose by 62 per cent quarter-on-quarter to S$246 million, UOB said. 

UOB logged a Common Equity Tier 1 ratio at 14.3 per cent at the end of March, a slight rise on the previous quarter.

“We expect this momentum to continue as economic and business activity picks up and market sentiment improves across the region, starting with Singapore and Greater China,” chief executive Wee Ee Cheong said in a statement.