Singapore bank UOB’s second-quarter net profit rises 1%, misses forecast

2024.07.31 19:26

SINGAPORE (Reuters) -Singapore’s United Overseas Bank (OTC:) (UOB) reported on Thursday a 1% rise in net profit in the second quarter from a year earlier on the back of higher net fee income and a rebound in loan-related fees and wealth management fees.

UOB, which is also Southeast Asia’s third-largest bank by assets, said its April-June net profit rose to S$1.43 billion ($1.07 billion) from S$1.42 billion a year earlier.

This was lower than the mean estimate of S$1.44 billion from four analysts polled by LSEG.

($1 = 1.3365 Singapore dollars)

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