SINGAPORE (Nov 3): UOB Group reported a 12% in 3Q17 earnings to $883 million largely due to stronger net interest income and fee and commission income. The increase was partly offset by lower trading income and higher operating expenses and allowances. As a result, 9M earnings came in at $2.54 billion, 8% higher from a year ago.

In 3Q17, net interest income increased 15% to $1.41 billion, driven by higher net interest margin and loan growth. Net interest margin improved 10 basis points to 1.79%, contributed by active balance sheet management and a rising interest rate environment.

Non-interest income increased 2% to $830 million. Fee and commission income grew 12% to $551 million from wealth management, fund management and credit card businesses. This was partly offset by lower net trading income.

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