UOB’s profit tops estimates on lending income

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UOB is the first Singaporean bank to report profit buoyed by lending income.

SINGAPORE: United Overseas Bank Ltd second-quarter profit beat estimates, buoyed by rising lending income.

Net income, excluding one-off expenses, rose 35% to S$1.5 billion (US$1.13 billion) from a year earlier in the three months ended June 30, Southeast Asia’s third-largest lender said Thursday. That compares with the S$1.4 billion average estimate of six analysts surveyed by Bloomberg.

The Singapore-based lender is the first of the country’s three biggest banks to report profit that continues to be buoyed by lending income. That followed some of the biggest US banks including JPMorgan Chase & Co., which beat expectations this earnings season thanks to rising interest rates. The Federal Reserve has resumed raising rates, with the possibility of further hikes.

UOB’s net interest income rose 31%, led by an expansion in net interest margin. Its loan-related fees and wealth management fees were softer compared to a year ago, as investor sentiments remained subdued, though these declines were partly offset by an increase in card fees.

DBS Group Holdings Ltd., Singapore’s largest bank, will report results Aug 3, followed by Oversea-Chinese Banking Corp. the next day.

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