UOB, Singapore’s third-largest bank, said second-quarter net profit rose 10 per cent to S$1.48 billion (US$1.17 billion), above a S$1.40 billion average analyst estimate from LSEG.
Its net fee income rose 5 per cent to S$665 million, led by record wealth-management fees. Wealth-management income for the first half rose 16 per cent, including 30 per cent growth across Malaysia, Indonesia, Thailand and Vietnam.
“Our results reflect the resilience of our diversified franchise, and the momentum building across our key ASEAN markets,” UOB Deputy Chairman and Chief Executive Wee Ee Cheong said in a statement.
“We are seeing good progress across our businesses as we deepen customer relationships, expand our capabilities and connect customers to opportunities across our regional network,” he said.
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