UOB announced a flat first-quarter net profit of S$1.49 billion, missing expectations as higher credit costs and market volatility weighed on performance.

Net interest income rose 2% to S$2.41 billion, though net interest margin slipped to 2.00%. Credit costs increased to 35 basis points from 25 bps in Q4, as the bank set aside pre-emptive provisions.

Meanwhile, the US and China are preparing for their first formal trade talks since former President Trump imposed sweeping 145% tariffs on most Chinese goods.

The People’s Bank of China cut its seven-day reverse repo rate to 1.4% and trimmed the reserve requirement ratio by 50 basis points, releasing an estimated 1 trillion yuan in long-term liquidity.

On Market View, Alexandra Parada speaks to Jeremy Tan, CEO of Tiger Fund Management, to discuss more about the latest market movements.

 

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