UOB reports lower Q1 profit and targets doubling wealth income by 2030
Updated
Updated · MarketWatch · May 6
UOB reports lower Q1 profit and targets doubling wealth income by 2030
7 articles · Updated · MarketWatch · May 6
Singapore's third-largest bank by assets posted net profit of S$1.44 billion, while chief executive Wee Ee Cheong said it will grow assets under management over coming quarters.
UOB kept 2026 guidance unchanged, aiming for low single-digit loan growth and high single-digit fee growth as lower rates and tougher loan competition pressure margins.
The bank sees wealth opportunities across Southeast Asia, especially Greater China, while analysts say market volatility from the Middle East conflict could boost safe-haven inflows but raise growth and inflation risks.
With rivals winning in wealth management, can UOB's ASEAN strategy and Citi integration deliver superior long-term growth?
With profits falling, is UOB's massive S$500M annual investment in AI a visionary move or a costly distraction?