UPDATE 1-Singapore bank UOB’s first-quarter net profit drops 2%, but beat forecasts

(Adds details of results)

SINGAPORE, May 8 (Reuters) – Singapore’s United Overseas Bank (UOB) reported on Wednesday a 2% decline in net profit in the first quarter from a year earlier on the back of a drop in net interest income arising from a lower net interest margin.

UOB, which is also Southeast Asia’s third-largest bank by asset size, said January-March net profit declined to S$1.49 billion ($1.10 billion) from S$1.51 billion a year earlier.

This however beat the mean estimate of S$1.43 billion from three analysts polled by LSEG. ($1 = 1.3543 Singapore dollars) (Reporting by Yantoultra Ngui Editing by Chris Reese)

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