UOB's shares soared after the bank reported record net profit of S$1.6 billion in 3Q 2024, an increase of 11% year-on-year. UOB 3Q24 earnings highlights UOB Group announced its earnings for the third quarter of 2024. Key highlights include: Core net profit reached record S$1.6 billion in Q3 2024, up 11% YoY, driven by strong fee income and trading revenues Net fee income hit record high of S$630 million (+7% YoY), while net interest income grew 1% YoY to S$2.5 billion with 5% loan growth Credit costs increased to 34bps due to Thailand retail portfolio (post-Citi integration), but NPL ratio remained stable at 1.5% Strong capital position with CET1 ratio improving to 15.5% (+2.5% YoY) Source: UOB UOB's core net profit reached S$1.6 billion, reflecting an 11% growth year-on-year. This increase is attributed to record levels in net fee income as well as trading and investment income. Net fee income rose by 7% to hit a record S$630 million, mainly due to an increase in wealth management fees. Wealth management fees grew...