Q1 2023 United Overseas Bank Ltd Trading Update Call Transcript
Good morning, and welcome to UOB's First Quarter 2023 Results Briefing. I'm from the Wendy Wan from the Group Strategic Communications team, and I will be your MC for today. This morning, we have Mr. Wee Ee Cheong, UOB Deputy Chairman and CEO; and Mr. Lee Wai Fai, our CFO, to present the results.
(Operator Instructions). Without further ado, I will now pass the time to our CEO, Mr. Wee, please.
Good morning. Thank you for joining us today. We had a strong start to the year. Our core net profit for the quarter grew to a record SGD 1.6 billion, up 74% year-on-year. Our diversified engines across the region in retail and wholesale businesses have done well. Core ROE rose to 14.9%.
Net interest income was up, boosted by higher margins. Other noninterest income also surged with record high trading and investment income offsetting softer fee income.
Core cost-to-income ratio improved to 40.9% as we stayed disciplined. Asset quality was resilient with credit costs
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