UOB posted a 35% jump to 1.5 billion Singapore dollars in its core net profit in the second quarter from a year ago.
the widely anticipated move. The midpoint of that target range would be the highest level for the benchmark rate since early 2001.Shares of UOB, one of Singapore's largest lenders, rose 0.7% to a three-month high on Thursday.in Singapore, and slightly below the 1% gain for the MSCI Asia ex-Japan."We think that loans will be repriced and that we will be able to manage our cost of funding a lot stronger mainly because of the flight to quality for the Singapore depositors," Lee said.
Southeast Asia's third-largest lender said its loan-related and wealth management fees eased as investor sentiments remained subdued. These declines were partly offset by an increase in card fees, the bank added.double-digit growthThe United Overseas Bank logo is displayed atop UOB Plaza One in the central business district on February 23, 2021 in Singapore.The bank's projection for low to mid single-digit loan growth remains unchanged.
It now expects credit cost to hit around 25 basis points for the rest of the year, a slight increase from the previous"We are hopeful that despite a challenging first half, second half will be a lot better. And with some of the reopening of the economy, some of the trade-related activities will pick up," Lee told CNBC.
"We are expecting to see activity coming back, especially now people got used to the high interest rate environment ... so we see some of those customers coming back into the market," he said. UOB is the first of Singapore's three major banks to report its quarterly earnings. Singapore's largest lender
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