Singapore's United Overseas Bank H1 Profit Down, Declares Dividend; Stock Up

(RTTNews) - Singapore-based United Overseas Bank Ltd. or UOB Group (UOVEF.PK, UOVEY.PK) reported Thursday that second-quarter net earnings fell 40 percent to S$703 million from S$1.17 billion last year.

The performance was impacted mainly by lower margins and higher credit costs amid the coronavirus pandemic.

Total income fell 12 percent to S$2.26 billion from S$2.58 billion last year.

Net interest income decreased 12 percent to S$1.46 billion from S$1.65 billion. Net fee and commission income was 15 percent lower at S$445 million, and trading and investment income declined to S$294 million from S$311 million a year ago, largely due to lower net trading income.

Further, the Board declared an interim dividend of 39 cents per ordinary share with an option for scrip dividend.

In Singapore, UOB shares traded at S$19.86, up 2.27 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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