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UOB reports 1QFY2022 net profit of $906 mil, down 10% y-o-y

Felicia Tan
Felicia Tan4/29/2022 07:37 AM GMT+08  • 3 min read
UOB reports 1QFY2022 net profit of $906 mil, down 10% y-o-y
The bank attributed the lower net profit q-o-q to geopolitical uncertainties. Photo ;
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UOB has reported a net profit of $906 million for the 1QFY2022 ended March, 10% lower than the $1.01 billion in the corresponding period the year before.

On a q-o-q basis, 1QFY2022’s net profit stood 11% lower than the $1.02 billion posted in the 4QFY2021.

The bank attributed the lower q-o-q net profit to the geopolitical uncertainties, which led to lower non-customer-related trading and investment income, with lower general allowance write-back. On a y-o-y basis, the lower net profit was said to be due to the decline in net fee and commission income.

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