United Overseas Bank Limited

Good morning, everyone. Welcome to the first results media briefing of this financial year. Today we have with us our Deputy Chairman and Group CEO, Mr. Wee Cheong, and our Group CFO, Mr. Leong Yung Chee. As usual, Mr. Wee will begin by giving a broad overview of how our franchise has performed and the operating landscape that we are all in. Mr. Leong will then go into more details on the financials and business performance from this quarter. After both presentations, we'll be taking questions from the media. I would now like to invite a CEO to get us started. Mr. Wee, please. Good morning. Thank you for joining us today.

Happy to see all the usual faces. As all of you know, I don't have to say it, we are operating in a period of heightened global uncertainty. Energy prices are volatile. Supply chains remain under pressure. The inflation rate is have resurfaced. These are real challenges, and we are watching development closely. In times like this, customers look for stability. At UOB, we continue to work alongside our customers as they manage higher costs and volatility, and as they seize opportunities across the region. That is our priority. To be right by our customers. So we enter this period of uncertainty from a position of strength. Our balance sheet remains strong. Our capital and liquidity position are robust. And our reserve buffers give us the capacity to support customers as they navigate an uncertain As you know, our CET1 ratio first quarter is 15.3%. MPA coverage, 100%. GP versus performance loans is 1%. And this is consistent with how we have operated over 90 years. How we will continue seven times. Now, moving to our results. POV delivered a resilient performance in the first quarter. Net profit was $1.4 billion, moderating 4% year-on-year and up 2% quarter-on-quarter, driven by our core franchise. Compared with the fourth quarter, net interest margin held up at 1.82%, wealth and loan-related fees normalized from fourth quarter seasonal levels. Trading and investment income rebounded. Expenses were well controlled. Asset quality was resilient with NPL ratio stable at 1.5% and total credit costs within expectations. Our balance sheets remained strong with high CET1 ratio of 15.3% and robust liquidity ratio. This outcome reflect the quality of our earnings Underpinned by our diversified business model and our regional franchise. Now, let me go through the business aspect of the bank. Retail banking, we saw steady growth in CASA, up 10% year-on-year. On wealth, up 6% year-on-year. And card billings, up 7%. In wealth, we are making progress, supported by growth in AUM and higher conversion of customer assets into investment. In wholesale banking, momentum was positive with healthy loan growth. We continue to expand our RWA-like revenue stream through regional connectivity flows with double-digit growth in CASA and trade loans. Our trade loans, first of all, quarter of this year up 19% year-on-year. CASA up 10% year-on-year. Global markets deliver record high income in a more volatile environment. We have never been more confident. Our foundations are in place across ASEAN and we are now focused on harnessing its potential. As a long-term operator, what drives us is achieving steady, sustainable returns over the long haul. We are executing according to our plans and not chasing quick, short-term results, especially given the volatile market we are in.

Now, let me further elaborate.