Apr 27, 2023 / NTS GMT
Wendy Wan -
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.
Ee Cheong Wee - United Overseas Bank Limited - Deputy Chairman & CEO
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
Q1 2023 United Overseas Bank Ltd Trading Update Call Transcript
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