UOB’s second quarter net profit hit S$1.1 billion, up 11% on-year. The bank said the rising interest rate environment will further boost its margins for 2022. Its net interest income rose 18% on-year, driven by strong margin improvement and loan growth. Net interest margin rose by 11 basis points to 1.67%, and loans grew at 8%. The bank declared an interim dividend of 60 cents per ordinary share, with a payout ratio of about 50%.
Subscribe to our channel here: https://cna.asia/youtubesub
Subscribe to our news service on Telegram: https://cna.asia/telegram
CNA Lifestyle: http://www.cnalifestyle.com