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Singapore banking giant United Overseas Bank (UOB) reported a 10% year-on-year increase in second-quarter net profit, supported by strong wealth management income, lower credit provisions and gains from asset sales despite continued pressure on lending margins.
UOB’s net profit reached S$1.48 billion for the three months ended June 30, up from S$1.34 billion in the same period a year earlier. The results highlight the bank’s ability to generate growth from fee-based businesses as lower interest rates weigh on traditional lending income.
Net interest income declined 2% year-on-year to S$2.30 billion, reflecting margin compression caused by lower benchmark interest rates. However, stronger fee income helped offset the weakness. Net fee income increased 5% to S$665 million, with record wealth management fees compensating for softer investment banking activity.
Other non-interest income surged 28%, partly due to one-time gains generated from asset divestments. UOB also benefited from lower credit provisions, with total credit allowances falling 24% compared with the previous year.
Asset quality remained stable during the quarter. The Singapore lender’s non-performing loan ratio held steady at 1.6%.
UOB CEO Wee Ee Cheong said the bank continued to experience solid momentum across its ASEAN operations, particularly in wealth management, transaction banking and cross-border services.
For the first half of the year, UOB recorded net profit of S$2.92 billion, representing a 3% increase from a year earlier, even as net interest income declined 3%.
The bank raised its interim dividend to S$0.88 per share from S$0.85 a year ago, providing shareholders with a higher payout.
Looking ahead, UOB maintained its 2026 guidance. The bank expects low single-digit growth in both loans and fee income, while its full-year net interest margin is projected at 1.75%-1.80%.
UOB also forecasts credit costs of 25-30 basis points and a low single-digit increase in operating expenses. The outlook suggests the bank expects its diversified ASEAN banking franchise and expanding wealth management business to support earnings as the lower-interest-rate environment continues.
