UOB reported strong Q1 numbers with net profits up 18% YoY and 46% QoQ to S$1bn ($750mn). The bank said that fee income grew to a record high of S$638mn ($478mn) led by wealth management fees from investments and bancassurance similar to peer DBS which reported earnings a week earlier. Total impairment charges fell 29% to S$201mn ($151mn) and trading/investment income grew 62% to S$246mn ($184mn). While net interest income rose 1% QoQ, it was down 4% YoY as loan growth was offset by rate-cut impacts. The bank’s NPL ratio was at 1.5%, improving marginally while CET1 ratio fell to 14.3%, down 40bp vs end-2020.

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