The bottom line was supported by strong wealth management income and a S$200 million gain from properties sold. However, the lender lowered its fee income guidance to low single-digit growth from high single-digit growth, citing headwinds such as higher card-redemption expenses and lower revenue from investment banking deals. This prompted Citi Research on Tuesday to downgrade UOB to “sell” from “neutral”, setting a target price of S$38. The counter was down a further 2.1 per cent at S$42.39 at midday on Tuesday, before ending the session 2.6 per cent lower at S$42.16. UOB management maintained its full-year guidance for credit costs at 25 to 30 basis points and NIM at 1.75 to 1.8 per cent.