Q3 net profit surged to S1.61 bln vs S1.50 bln estimate
New records in net fee income, trading and investment income
Net interest margin down slightly at 2.05

SINGAPORE, Nov 8 Reuters Singapore39;s United Overseas Bank, or UOB, posted a fasterthanexpected rise in third quarter net profit to a record, helped by brisk trading and investment, and flagged a pickup in loans growth next year.

Southeast Asia39;s thirdlargest bank by assets said on Friday JulySeptember net profit jumped 16 to a record S1.61 billion 1.22 billion from a year earlier. This beat the mean estimate of almost S1.50 billion from four analysts polled by LSEG.

CGS International39;s CGSI analysts Andrea Choong and Lim Siew Khee expect positive investor sentiment on UOB given the earnings beat, according to a research note to clients after the results.

Shares of UOB rose as much as 5.7 to a record high of S35.20, versus a climb of 1.4 in the benchmark index. Among its peers, DBS Group rose 1.32, and Overseas Chinese Banking Corp climbed 1.26.

Amid a volatile global economy, Southeast Asia stands out as a bright spot, said UOB Deputy Chairman and Chief Executive Officer Wee Ee Cheong in statement.

We are confident of ASEAN39;s longterm potential, bolstered by strong economic fundamentals and a surge in foreign direct investment inflows with shifting supply chains, he added.

Wee projected high singledigit loan growth for 2025, versus low singledigit for 2024, according to slides accompanying the…