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Monday, 1 August 2022

Monday, 1 August 2022
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 * Higher Interest Rates Fuel UOB Profit Rise

(Image: Shutterstock)
FINANCE Friday, 29 July 2022 10:08


HIGHER INTEREST RATES FUEL UOB PROFIT RISE



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UOB recorded a profit increase in the second quarter of 2022, fuelled by
improved income from higher interest rates.

UOB posted a net profit of S$1.1 billion ($800 million) in the second quarter of
2022, according to a statement, up 11 percent compared to the same period last
year. 

This was primarily fuelled by an 18 percent increase in net interest income to
$1.9 billion. Net fee income fell 3 percent to $567 million while other income
climbed 6 percent to $273 million. According to the bank, a new high in credit
card and loan-related fees were offset by lower wealth and fund management fees.
Operating expenses increased 12 percent to S$1.2 billion while impairment
charges dropped 25 percent to S$137 million.



Improvement in First Half

A similar gain was reported for the first half, with net profit also rising 11
percent year-on-year to $2 billion.

«We have delivered stable profits buoyed by higher-than-expected net interest
income driven by rising interest rates and our active balance sheet management,»
said UOB deputy chairman and chief executive Wee Ee Cheong.

«This rising interest rate environment is set to further boost our margins for
the year,» he indicated.




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