Profits Rise At Singapore's UOB

Tom Burroughes

5 August 2019

The global retail arm of Singapore-based , one of the "big three" local Singaporean lenders reporting second-quarter figures, has logged a pre-tax net profit of S$497 million at its retail banking arm, which includes wealth management. Its profit has risen from S$461 million a year ago.

Net interest income at the retail banking segment was S$744 million, rising from S$676 million. Non-interest income rose to S$327 million from S$305 million, UOB said in a statement on Friday.

Wealth management contributed to the the pre-tax profit growth over the period, the bank said.

For the UOB group as a whole, pre-tax profit in the first half of this year was S$2.66 billion, up by 7.7 per cent on a year earlier.

Return on equity rose to 12 per cent in the first half of this year from 11.6 per cent a year ago. The Common Equity Tier 1 ratio was 13.9 per cent - a key measure of a bank's capital buffer - being slightly narrower on the year.