Another of Singapore's "Big Three" banks reported Q1 financial results, showing there has been some effect from the global pandemic.

United Overseas Bank, the Singapore-based lender that provides private banking among its business lines, logged a S$855 million ($602 million) net profit after tax in the first three months of 2020, falling by 19 per cent on a year earlier and falling by 15 per cent from the previous quarter, it said yesterday.

Income in Q1 fell by 1 per cent on the previous quarter and was flat on the year, UOB said.

The bank’s non-performing loan ratio – watched closely amid the pandemic – stood at 1.6 per cent at the end of March, a rise of 0.1 percentage points on the year earlier. Its Common Equity Tier 1 ratio stood at 14.1 per cent at end-March. 

Investment banking firm Jeffries recently sought to assess the impact on UOB, and Singapore’s other “Big Three” banks, from COVID-19. In a report released a few weeks ago, Singapore Exchange pointed out how wealth management firms had played a central role in driving profits for the three main domestic Singapore banks. 

At the end of April, Singapore's DBS reported that its wealth management results helped underpin group Q1 results.