SINGAPORE – Singapore’s smallest listed lender, United Overseas Bank (UOB), reported a rise of 11% in second-quarter profit, supported by a strong improvement in net interest income amid increasing interest rates.
“This rising interest rate environment is set to further boost our margins for the year,” Chief Executive Wee Ee Cheong said in a statement. “We continue to see economic activity picking up as borders reopen and investment flows resume.”
The bank posted net profit of S$1.11 billion ($805 million) in the quarter to June 30, in line with market estimates, against S$1 billion a year earlier. Net interest income jumped 18% while net fee income dropped 3%.
($1=1.3793 Singapore dollars)
(Reporting by Anshuman Daga; Editing by Clarence Fernandez)