United Overseas Bank 2Q Net Rose 27% on Higher Interest Income
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Dow Jones
By P.R. Venkat
United Overseas Bank Ltd.'s second-quarter net profit rose 27%, supported by higher net interest income.
Profit for the quarter came in at 1.42 billion Singapore dollars ($1.07 billion), and total income during the quarter grew 31% to S$3.54 billion, the bank said Thursday.
Net interest income was up 31% at S$2.44 billion during the period.
However, income from fees and commissions fell 8% to S$524 million, mainly because of softer lending and capital market activities.
For the rest of the year, UOB expects low to mid-single-digit loan growth with high single-digit fee growth.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
July 26, 2023 19:50 ET (23:50 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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