5 days ago
Singapore bank UOB's second-quarter net profit drops 6%, misses forecast
SINGAPORE, Aug 7 (Reuters) - Singapore's United Overseas Bank, or UOB ( opens new tab, reported on Thursday a 6% drop in net profit in the second quarter from a year earlier, the first fall since the first quarter of 2024, mainly due to lower net interest income.
UOB, Southeast Asia's third-largest bank by assets, said April-June net profit declined to S$1.34 billion ($1.04 billion) from S$1.43 billion a year earlier.
This missed the mean estimate of around S$1.47 billion from three analysts polled by LSEG.
($1 = 1.2847 Singapore dollars)
