United Overseas Bank Ltd. (U11.SG) Friday said its net profit in the second quarter rose 5.5% compared with a year ago, led by gains in income from interest, fees and commissions.
Net profit in the June quarter was 845 million Singapore dollars (US$622 million), compared with S$801 million in the same period last year, the third-biggest Singapore lender by assets said in a regulatory filing.
Net interest income increased 12% on year to S$1.36 billion, driven by gross loan growth of 7.3% and an improvement in net interest margin to 1.75% from 1.68%, the bank said.
Non-interest income increased 1.8% on year to S$828 million. Fee and commission income grew 9% to S$517 million on higher credit card, fund and wealth management fees.
The ratio of non-performing loans, or bad loans, rose to 1.5% in the second quarter, compared with 1.4% last year, United Overseas said.
Write to Gaurav Raghuvanshi at email@example.com
(END) Dow Jones Newswires
July 27, 2017 20:27 ET (00:27 GMT)