United Overseas Bank Ltd. reported net profit after tax of 1.4 billion Singapore dollars for the quarter ended Mar 31 2026, a 2 % increase from the preceding quarter but 4 % lower than the corresponding period last year.

Net interest income slipped 1 % sequentially to 2.324 billion Singapore dollars, while the net interest margin narrowed two basis points to 1.82 %. Net fee income rose 2 % quarter on quarter to 637 million Singapore dollars, supported by capital-market and wealth-management activities, though it was 8 % below the prior-year record. Other non-interest income climbed 45 % from the seasonally weak fourth quarter to 462 million Singapore dollars.

Operating expenses were broadly stable at 1.523 billion Singapore dollars; the cost-to-income ratio improved to 44.5 % from 46.4 % three months earlier. Total credit costs on loans increased to 26 basis points, with specific allowance at 29 basis points and general allowance at minus 3 basis points.

Asset quality remained steady, with the non-performing loan ratio unchanged at 1.5 % and an NPA coverage ratio of 100 % (272 % including collateral). The Common Equity Tier 1 capital adequacy ratio stood at 15.3 %, while the all-currency liquidity coverage ratio and net stable funding ratio were 144 % and 115 %, respectively—both comfortably above regulatory minima.

Gross customer loans were 353.8 billion Singapore dollars, broadly flat on the quarter and 4 % higher year on year. Customer deposits reached 426.7 billion Singapore dollars, keeping the loan-to-deposit ratio at 81.9 %.

Deputy Chairman and Chief Executive Officer Wee Ee Cheong said the diversified franchise, spanning retail, wholesale banking and global markets, continued to underpin performance amid heightened market volatility and a lower-rate environment.