Singapore’s UOB Group has posted mixed financial results for the first quarter of 2026.

United Overseas Bank (UOB) yesterday posted S$1.4 billion ($1.1 billion) in net profit for the first quarter of 2026, up 2 per cent quarter on quarter (QoQ), but easing 4 per cent year-on-year, reflecting a softer operating environment following last year’s solid performance in the same quarter.

The group’s first quarter performance was supported by the bank’s resilient franchise across its group retail, group wholesale banking and global markets businesses, notably in current account and savings account (CASA), wealth, card billings, loan growth and customer-related treasury income.

Assets under management were down 1 per cent quarter-on-quarter at S$198 billion but up 5 per cent year-on-year. Net interest income for the first quarter moderated from the year before as healthy loan growth of 4 per cent helped to cushion the impact of margin pressures from the continued lower interest rate environment, the bank said in a statement.

On a quarter-on-quarter basis, net fee income grew 2 per cent to S$637 million, driven by momentum in wealth and capital market activities. On a year-on-year basis, net fee income eased 8 per cent against last year’s record high reflecting a more cautious and risk-off market sentiment.

Other noninterest income rose 45 per cent quarter on quarter to S$462 million, led by stronger customer treasury income and prudent liquidity management, with trading activities benefitting from the market volatility during this quarter.

Credit costs for the first quarter stayed within expectations at 26 basis points, with non-performing loan ratio stable at 1.5 per cent. The group’s balance sheet remained robust with ample liquidity and a Common Equity Tier 1 ratio at 15.3 per cent.

“The group delivered a steady performance in the first quarter, reflecting the underlying strength of our core business and diversified income streams. Asset quality was resilient and our balance sheet stayed strong with robust capital and liquidity ratios,” Wee Ee Cheong (pictured), deputy chairman and chief executive officer, UOB, said.

“While global uncertainty remains elevated, business activity held up across our key segments, with ongoing momentum in CASA, wealth, cards and loans,” he continued. “Leveraging our regional footprint and deep ASEAN connectivity, we stand ready to support our customers as they navigate a more uncertain operating environment.”

“Looking ahead, we will focus on deepening relationships across our enlarged ASEAN customer base, strengthening ecosystem partnerships and helping our customers capture opportunities for long-term growth.”