UOB posts small drop in quarterly profit, confident of maintaining key margin level

SINGAPORE: Singapore's United Overseas Bank (UOB) posted a smaller-than-expected 2% drop in first-quarter profit on Wednesday and said it was confident of preventing further declines in its net interest margin.

Chief Financial Officer Lee Wai Fai said Southeast Asia's third-largest bank had benefited from the U.S. Federal Reserve's decision to defer rate cuts.