In Q2 2024, United Overseas Bank reported a 1% rise in net profit to $1.43B, driven by a 18% increase in net fee income.

United Overseas Bank (UOB) reported a 1% rise in Q2 2024 net profit to $1.43 billion, driven by a 18% increase in net fee income to $618 million. The bank's core net profit, including integration costs from Citigroup's regional consumer units, fell 1% to $1.49 billion. Despite lower net interest margins, UOB maintained its 2024 earnings guidance and declared an interim dividend of 88 cents per share, representing a 51% payout ratio. The bank's asset quality remained stable, with a non-performing loans ratio improving to 1.5%.

July 31, 2024
5 Articles