By P.R. Venkat


United Overseas Bank Ltd.'s first-quarter net profit rose mainly due to higher income from trading and investment activities.

Profit for the quarter came in at 1.57 billion Singapore dollars (US$1.16 billion), up 5%, while total income rose 3%, to S$3.52 billion, the bank said Wednesday.

The bank's net profit--after excluding one-off expenses--was up 6% on the year, to S$1.49 billion.

Other non-interest income, mainly revenue from trading and investments, rose to S$581 million in the first quarter, compared with S$438 million a year earlier.

Net interest income during the period was down 2%, at S$2.36 billion, while income from fees and commissions rose 2%, to S$569 million.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

05-07-24 1922ET