SINGAPORE: Singapore's United Overseas Bank (UOB) maintained earnings guidance for 2024 after posting on Thursday (Aug 1) a 1 per cent year-on-year rise in second quarter net profit that slightly missed expectations.
SINGAPORE: Singapore's United Overseas Bank maintained earnings guidance for 2024 after posting on Thursday a 1 per cent year-on-year rise in second quarter net profit that slightly missed expectations.
UOB maintained its 2024 projections of low single-digit loan growth, double-digit fee growth and positive growth in total income, according to Wee's presentation slides accompanying the earnings results. UOB said its April-June net profit rose to S$1.43 billion from S$1.42 billion a year earlier on the back of higher net fee income, a rebound in loan-related fees and wealth management fees, and double-digit growth in credit card fees.Net interest margin, a key gauge of profitability, declined to 2.04 per cent in the first half of this year from 2.13 per cent in the same period a year earlier.
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