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United Overseas Bank sees Q1 net profit dip 4.4% YOY

United OverseasBank Ltd.'s net profit attributable to equity holders for the firstquarter fell 4.4% year over year.

The bank said April 28 that net profit fell to S$766 millionfrom S$801 million in the year-ago period. EPS for the period fell to S$1.84 fromS$1.93.

Net interest income rose 6.1% year over year to S$1.28 billionfrom S$1.20 billion, while noninterest income for the quarter fell to S$695 millionfrom S$755 million in the first quarter of 2015.

The bank's net interest margin stood at 1.78% for the first quarter,compared to 1.79% in the previous quarter and 1.76% in the first quarter of 2015.

Total operating income edged up to S$1.97 billion from S$1.96billion in the prior-year period. Fee and commission income clocked in at S$433million for the quarter, compared to S$453 million in the prior-year quarter.

Total operating expenses increased to S$894 million from S$852million.

The bank's nonperforming loan ratio clocked in at 1.4% as ofMarch 31, the same as the previous quarter but up from 1.2% in the prior-year period.

As of March 31, the bank's total capital adequacy ratio camein at 16%, compared to 15.6% in the fourth quarter of 2015 and 17.1% in the firstquarter of 2015. The common equity Tier 1 and Tier 1 capital adequacy ratios bothstood at 12.8% for the quarter, compared to 13% in the fourth quarter of 2015 and14.3% in the first quarter of 2015.

As of April 27, US$1 wasequivalent to S$1.35.