UOB 2Q Net Rises on Strong Growth in Wealth Management
By Amanda Lee and P.R. Venkat
United Overseas Bank's net profit rose in the second quarter, supported by strong growth in wealth management and trade.
Net profit for the three months ended June increased 10% from a year ago to 1.48 billion Singapore dollars, equivalent to US$1.15 billion, the Singapore lender said Friday.
Total income was S$3.60 billion, up 4% from a year earlier.
Net interest income -- the difference between what banks earn on loans and pay on deposits -- declined 2% to S$2.30 billion due to lower net interest margins in the prevailing rate environment.
Net fee income rose 5% to S$665 million on strong growth in wealth and fund management activities.
Other noninterest income increased 28% due to nonrecurring gains from asset divestments.
The bank declared an interim dividend of 88 Singapore cents per ordinary share, representing a payout ratio of approximately 50%.
Write to Amanda Lee at amanda.lee @wsj.com and P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
August 06, 2026 19:27 ET (23:27 GMT)
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