One of Singapore's "Big Three" local banks reported third-quarter financial figures yesterday, suggesting that it was able to make headway in challenging economic conditions.

UOB, the Singapore-headquartered group, yesterday said its third-quarter 2023 core not profit rose 5 per cent to S$1.5 billion ($1.09 billion) on the same period a year ago.

The resilient results were driven by “strong income growth from higher net fee income and net interest income,” the lender said in a statement.

Net fee income grew 14 per cent year year-on-year to S$591 million, led by higher credit card fees, wealth management fees as well as loan-related fees.

UOB had a Common Equity Tier 1 ratio, a standard international measure of buffer against financial shocks, of 13.0 per cent.

The acquisition of Citigroup’s consumer businesses in Malaysia and Thailand was completed in November 2022; completion for Indonesia and Vietnam is slated for the end of this year.

“Our Citigroup integration is on track. Integration for Indonesia, Thailand and Vietnam is progressing as planned after we successfully migrated all Citigroup customers in Malaysia to our platform," Wee Ee Cheong, UOB’s deputy chairman and CEO, said.