Friday, August 12, 2011

UOB's Q2 net profit up for year 2011

Aug 12 (Reuters) - Singapore's United Overseas Bank , Singapore's third-largest lender, posted a 5.6 percent rise in second-quarter net profit on Friday, beating expectations on strong growth in fee and commission income as well as strong loan growth.
UOB earned S$636 million ($525 million) in the three months ended June, compared to S$602 million in the year-earlier period. Its results were above the average estimate of S$616 million in a Reuters poll of five analysts.
Singapore banks have seen strong loans growth over the past year, but this has not translated into significantly higher interest income as rates are hovering at historic lows.
DBS , Southeast Asia's biggest bank, last month posted a quarterly profit that was slightly above analyst forecasts, helped by strong loan growth as it rebounded from a loss a year ago when it took a goodwill charge.

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