(Adds sector context in second paragraph and CEO's quotes)
SINGAPORE, Feb 23 (Reuters) - United Overseas Bank reported on Thursday a 37% increase in quarterly core
profit as rising interest rates swelled net interest income at
Singapore's smallest listed bank.
Singapore lenders, like their global peers, are gaining from
higher interest rates, but analysts say that as the cycle peaks
and economic growth falters, rising bank profits could be
curbed.
UOB's core net profit rose to S$1.39 billion ($1.04 billion)
in October-December, compared with an average estimate of S$1.2
billion from two analysts polled by Refinitiv. Including one-off
expenses, UOB posted net profit of S$1.15 billion.
"We remain positive on the region despite the global
economic gloom in the near term," Wee Ee Cheong, CEO of the
Southeast Asian-focussed bank said in a statement.
UOB forecast mid single-digit loan growth and double-digit
fee growth for 2023.
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. The move will double its retail
customer base in these markets.
($1 = 1.3407 Singapore dollars)
(Reporting by Anshuman Daga; Editing by Richard Chang and
Lincoln Feast.)
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