OCBC, UOB post higher Q2 profit on stronger fee income
OCBC posted a 22 per cent rise in second-quarter net profit, while UOB saw a 10 per cent increase in net profit in the second quarter, helped by record wealth fees.
Singapore's two largest banks, OCBC and UOB, reported higher second-quarter profits, driven by record wealth fees and other fee-based businesses. OCBC, the city-state's second-largest bank, saw a 22% rise in net profit, reaching S$2.22 billion, while UOB's profit increased by 10% to S$1.48 billion. The growth in wealth-related income helped offset the pressure from lower interest rates on their core lending operations.
OCBC's loan-growth forecast was raised, while UOB cut its 2026 fee-income growth forecast to the low single digits. Despite reporting lower net interest margins, both banks expect loan growth and increased interim dividends.
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