Profit spiked but share price

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JadeK
2023-04-27

Profit spiked but share price is down after announcement. ???

Singapore Lender UOB's Q1 Core Profit Leaps 74% to Record $1.2 Bln

SINGAPORE, April 27 (Reuters) - Singapore's United Overseas Bank reported on Thursday a 74% surge in

Singapore Lender UOB's Q1 Core Profit Leaps 74% to Record $1.2 Bln

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Wee Ee Cheong, CEO of the Southeast Asia-focused bank said in a statement.</p><p style=\"text-align: start;\">&#34;We also focused on strengthening our balance sheet, so that we can continue to support our customers through market cycles,&#34; he said.</p><p style=\"text-align: start;\">UOB expects low to mid-single digit percentage loan growth for this year, double-digit fees growth and credit costs at 20 to 25 basis points, Wee said in a media briefing after the earnings announcement.</p><p>Last year, UOB acquired Citigroup&#39;s consumer business in four Southeast Asian markets for about S$5 billion, marking its biggest deal in two decades. When completed, the move will double its retail customer base in these markets.</p><p style=\"text-align: start;\">&#34;Our Citigroup integration is progressing well,&#34; Wee said. &#34;We are on track to close in Indonesia by the end of the year after completing our acquisition in Malaysia, Thailand and Vietnam.&#34;</p><p style=\"text-align: start;\">($1 = 1.3348 Singapore dollars)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"U11.SI":"大华银行"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104108821","content_text":"SINGAPORE, April 27 (Reuters) - Singapore's United Overseas Bank reported on Thursday a 74% surge in core profit in the first quarter from a year earlier on the back of strong net interest and non-interest income growth.The lender's core profit, which excludes one-off expenses, rose to a record S$1.58 billion ($1.20 billion) in the first quarter, just above the mean estimate of some S$1.55 billion from four analysts polled by Refinitiv.Net profit in the first quarter climbed 67% to $1.51 billion.\"We delivered record profits this quarter backed by our core businesses and diversified growth drivers,\" Wee Ee Cheong, CEO of the Southeast Asia-focused bank said in a statement.\"We also focused on strengthening our balance sheet, so that we can continue to support our customers through market cycles,\" he said.UOB expects low to mid-single digit percentage loan growth for this year, double-digit fees growth and credit costs at 20 to 25 basis points, Wee said in a media briefing after the earnings announcement.Last year, UOB acquired Citigroup's consumer business in four Southeast Asian markets for about S$5 billion, marking its biggest deal in two decades. 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