July 31, 2014 / 9:31 AM / in 3 years

Singapore UOB's Q2 net profit up 3.2 pct, beats estimates

SINGAPORE, July 31 (Reuters) - United Overseas Bank Ltd , the smallest of Singapore’s three banks, posted a 3.2 percent rise in quarterly profit and beat market estimates, boosted by an increase in net interest income and investment gains.

In a statement on Thursday, UOB said net profit for April-June quarter rose to S$808 million ($648 million) from S$783 million in the same period year ago period. The result was above the S$764 million mean estimate of seven analysts polled by Reuters.

Net interest income increased 10.7 percent to S$1.12 billion, due to a higher loan base, the bank said.

Shares of UOB are up nearly 14 percent so far this year, outperforming rivals because of its lower exposure to Greater China compared to DBS Group Holdings and Oversea-Chinese Banking Corp. (1 US dollar = 1.2473 Singapore dollar) (Reporting by Saeed Azhar; Editing by Miral Fahmy)

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