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UOB posts sparkling Q2 earnings, but CEO expects home loans and home prices to slide

Wee Ee Cheong says the bank's diversified footprint and customer franchise will blunt the effect of global uncertainties

Published Fri, Aug 3, 2018 · 09:50 PM

UOB

Singapore

GOOD news was announced at UOB's Q2 earnings briefing on Friday, despite its chief executive Wee Ee Cheong projecting a drop in home loans and the prospect of housing prices falling over time as last month's property measures hit home.

The bank posted record Q2 earnings. Net profit jumped to S$1.08 billion, 28 per cent higher than a year ago and 10 per cent up from the previous quarter, due to overall strong operating income. This beat estimates provided by S&P Global Market Intelligence of S$967 million.