UOB reports 5.5% rise in Q2 net profit

Office workers carrying umbrellas pass a UOB bank branch in Singapore.
Office workers carrying umbrellas pass a UOB bank branch in Singapore.PHOTO: REUTERS

SINGAPORE - UOB Group reported net profit of S$845 million in the second quarter of 2017, an increase of 5.5 per cent than a year ago, largely due to growth in net interest income and fee and commission income.

For the first half of 2017, net profit came in at S$1.65 billion, 5.5 per cent higher from a year ago.

Total income rose 7.8 per cent to S$4.31 billion, the company said in a filing on the SGX on Friday (July 28).

The board has declared an interim dividend of 35 cents per ordinary share. The scrip dividend scheme will be applied to the interim dividend.

"Amid the moderate environment, we have achieved healthy performance with broad-based growth in revenue streams. Our asset quality was stable and core capitalisation remained high, reflecting our discipline in keeping a strong balance sheet through economic cycles," said Mr Wee Ee Cheong, UOB's deputy chairman and chief executive officer.