SINGAPORE: Singapore's smallest listed lender, United Overseas Bank , reported a rise of 11 per cent in second-quarter profit, supported by a strong improvement in net interest income amid increasing interest rates.
"As such, while the aggressive rate increases around the world are going to put a damper on global growth, we remain fairly optimistic of the resilience of our key markets in Southeast Asia," he said, adding that the long-term potential of the region"remains bright". Loan and investment banking fees hit a new high as UOB supported its business clients in their regional expansion.
Deposits registered margin improvement and volume growth across key markets in the region while credit card billings posted strong growth as regional economies reopen and travel resumed.