UOB profit drops as loan income drags, CEO cites high uncertainty

On Thursday, the bank stated in a press release that net profit for the first three months ending March 31 reached 1.44 billion Eastern Time yuan, a 4% decrease compared to the same period last year. This figure is slightly higher than the analysts' average expectation. United Overseas Bank CEO Wong Yik Yeung said, "Global uncertainty remains high," but business activity in all major sectors remains stable as companies adapt to the impact of the Iran war and rising oil prices.