<div id="readability-page-1"><div><p>[SINGAPORE] UOB’s net profit for the first quarter fell 4 per cent on a softer operating environment, the lender said on Thursday (May 7).</p><p>Net profit for the three months ended Mar 31, 2026, came in at S$1.44 billion, compared with S$1.49 billion a year earlier.</p><p>This was above the S$1.39 billion consensus estimate in a Bloomberg survey of four analysts.</p><p>Net interest income fell 4 per cent to S$2.32 billion on lower benchmark rates, as net interest margin narrowed by 18 basis points to 1.82 per cent, from 2 per cent previously.</p><p>Net fee income fell 8 per cent to S$637 million. Other non-interest income dropped 17 per cent year on year to S$462 million.</p><p>The non-performing loans ratio stood at 1.5 per cent, down from 1.6 per cent a year ago.</p><div><div><h3>Navigate Asia in<br/>a new global order</h3><p>Get the insights delivered to your inbox.</p></div></div><p>Total allowances fell 30 per cent to S$203 million, due mainly to lower general allowance.</p><p>Wee Ee Cheong, UOB deputy chairman and chief executive officer, said: “The group delivered a steady performance in the first quarter, reflecting the underlying strength of our core business and diversified income streams.</p><p>“Leveraging our regional footprint and deep Asean connectivity, we stand ready to support our customers as they navigate a more uncertain operating environment.”</p><div><div><div><p>SEE ALSO</p><div><div><div><div><p><img height="3667" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/1ccfcad468e1070afcf0dbfcfb77df6fc753d94c76d0133d38bc57fc42c35a44/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="5500" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/1ccfcad468e1070afcf0dbfcfb77df6fc753d94c76d0133d38bc57fc42c35a44/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>DBS CEO Tan Su Shan strikes upbeat tone on deposits, wealth growth after strong Q1</span></h3><p></p></div></div><div><div><div><p><img height="2519" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/838d532081ff735f2a8a6ea82238b12f8db39ea3971d1e5cb0a1b0ef95461b4e/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="3778" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/838d532081ff735f2a8a6ea82238b12f8db39ea3971d1e5cb0a1b0ef95461b4e/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>UOB’s Wee Ee Cheong says S$4.9 billion Citi deal ‘paying off’ as Asean push accelerates</span></h3><p></p></div></div></div></div></div></div><p>UOB was the second of Singapore’s three local banks to report first-quarter results, after DBS released its numbers on Apr 30. OCBC is due to report on Friday.</p><p>Shares of UOB closed 1 per cent or S$0.37 higher at S$36.65 on Wednesday, ahead of the earnings announcement.</p><div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. <span>Sign up here to get Decoding Asia newsletter.</span> Delivered to your inbox. Free.</p></div></div></div>

<p>UOB reported a 4% decline in Q1 net profit to S$1.44 billion, surpassing the S$1.39 billion consensus estimate. Net interest income fell 4% to S$2.32 billion, with a narrowed net interest margin of 1.82%. Net fee income decreased by 8% to S$637 million, and other non-interest income dropped 17% to S$462 million. The non-performing loans ratio improved to 1.5%. CEO Wee Ee Cheong highlighted the bank's steady performance amid a challenging environment. UOB's shares rose 1% to S$36.65 ahead of the earnings announcement.</p>

- UOB reported a 4% decline in net profit for Q1 2026, totaling 1.44 billion SGD, down from 1.49 billion SGD a year earlier, exceeding analyst expectations of 1.39 billion SGD.  
- Net interest income fell by 4% to 2.32 billion SGD due to a decrease in benchmark interest rates, while the net interest margin narrowed to 1.82%.  
- CEO Wee Ee Cheong noted the bank's stable performance reflects its core strengths and diverse income sources, as it prepares to support clients in a more uncertain business environment.

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UOB Q1 net profit dips 4% to S$1.44 billion; beats expectations