UOB reported a drop in first-quarter profit as both loan and fee income decreased. The bank announced on Thursday that net profit for the three months ending March 31 was S$1.44 billion (US$1.14 billion), down 4% compared to the same period last year. This figure was slightly above the average analyst estimate.

UOB CEO Wee Ee Cheong stated that "global uncertainties remain elevated," but noted that business activity across key sectors has remained stable as companies navigate the impact of the Iran conflict and rising oil prices.

In contrast, larger rival DBS Group saw its wealth management fees, which appear to have been boosted by geopolitical uncertainty, surge 25% in the first quarter. Oversea-Chinese Banking Corp. is scheduled to report its earnings on Friday.