👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Singapore lender UOB posts 11% rise in Q2 net profit

Published 07/28/2022, 07:44 PM
Updated 07/28/2022, 07:45 PM
© Reuters. FILE PHOTO: The United Overseas Bank (UOB) Plaza is seen in Singapore July 26, 2022. REUTERS/Edgar Su
UOVEY
-

SINGAPORE (Reuters) - Singapore's smallest listed lender, United Overseas Bank (OTC:UOVEY) (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."

© Reuters. FILE PHOTO: The United Overseas Bank (UOB) Plaza is seen in Singapore July 26, 2022. REUTERS/Edgar Su

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)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.