July 28, 2017 / 12:23 AM / 2 years ago

United Overseas Bank quarterly profit rises 5.5 percent to two-year high

FILE PHOTO: Office workers carrying umbrellas pass a UOB bank branch in Singapore July 28, 2016. REUTERS/Edgar Su/File Photo

SINGAPORE (Reuters) - Singapore’s United Overseas Bank (UOBH.SI) posted a 5.5 percent increase in its second-quarter net profit, largely boosted by growth in net interest income and fee and commission income.

The city-state’s smallest listed lender said on Friday that net profit came in at S$845 million ($622 million) in the three months ended June, versus S$801 million a year earlier. It was the bank’s highest quarterly profit in nearly two years.

UOB CEO Wee Ee Cheong said the performance was helped by broad-based growth in revenue streams, while the bank’s asset quality was stable.

Net interest income rose 12 percent in the latest quarter, driven by gross loan growth of 7.3 percent and an improvement in net interest margins.

The results came a day after larger lender Oversea-Chinese Banking Corp (OCBC.SI) beat market expectations with a 22 percent jump in its net profit to the highest level in almost three years. [L3N1KH6RL]

Reporting by Anshuman Daga; Editing by Richard Pullin

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