Excluding one-off expenses incurred in the acquisition of Citigroup’s consumer banking businesses, Q2 profit would have been S$ 1.49 billion(US$ 1,12 billion).

UOB’s net profit for its second quarter rose due to double-digit fee income growth and lower credit allowances, it said.

Net profit for the three months ended Jun 30, 2024, stood at S$ 1.43 billion(US$ 1,08 billion), a 1 per cent increase from S$ 1.42 billion(US$ 1,07 billion) the previous year.

UOB’s net profit for its second quarter rose due to double-digit fee income growth and lower credit allowances.

Net profit for the three months ended Jun 30, 2024, stood at S$ 1.43 billion(US$ 1,08 billion), a 1 per cent increase from S$ 1.42 billion(US$ 1,07 billion) the previous year.

Other non-interest income was down 21 per cent to S$ 457 million(US$ 344,36million), as swap gains and valuation on investments fell, even as customer-related treasury income strengthened.

The bank’s non-performing loans ratio was 1.5 per cent, down 0.1 percentage point from the same period a year earlier.

Total allowances fell by 26 per cent to S$ 395 million(US$ 297,64 million) for the half year. The bank attributed this to lower specific and general allowances made as asset quality stabilised.

UOB chief executive Wee Ee Cheong said that the bank has observed positive trends across its businesses.

He noted that asset quality remains resilient, while the bank’s balance sheet remains strong with healthy levels of capital and funding.