UOB’s net profit jumps by 5.1% to $801m in Q2

Thanks to its rising non-interest income.

United Overseas Bank banked on its rising non-interest income which grew by 17% to $813m, to post a higher bottomline in the second quarter.

According to a report by OCBC, net trading income also contributed, doubling from a year ago to $216m due to higher trading gains.

Meanwhile, net interest margin (NIM) eased to 1.68% from 1.77% last year.

“NPL ratio stayed stable for three quarters at 1.4%. Its exposure to China remained flat from last quarter at around S$19.5b,” OCBC said.

Additionally, total exposure to commodities (including oil and gas) grew from S$21.8b last quarter to S$22.8m this quarter or 7.5% of total loans.

The bank’s total exposure to Europe is S$7.7b or 2.4% of total assets, OCBC added.

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