SINGAPORE, July 28 — Singapore’s United Overseas Bank posted a 5.5 per cent increase in its second-quarter net profit, largely boosted by growth in net interest income and fee and commission income.
The city-state’s smallest listed lender said on Friday that net profit came in at S$845 million (RM2.6 billion) in the three months ended June, versus S$801 million a year earlier.
It was the bank’s highest quarterly profit in nearly two years.
UOB CEO Wee Ee Cheong said the performance was helped by broad-based growth in revenue streams, while the bank’s asset quality was stable.
Net interest income rose 12 per cent in the latest quarter, driven by gross loan growth of 7.3 per cent and an improvement in net interest margins.
The results came a day after larger lender Oversea-Chinese Banking Corp beat market expectations with a 22 per cent jump in its net profit to the highest level in almost three years. — Reuters
