UOB positive on Asean despite pandemic; Q2 net profit up 43%
Add BT as a preferred source
UOB struck a positive note on growth in Asean, even as the Covid-19 pandemic continues to ravage key markets, but stopped short of writing back provisions in line with global banks as uncertainties remain.
In its half-year results briefing, UOB's chief executive and deputy chairman Wee Ee Cheong told the media that with vaccination rates picking up in the region, there are "limited downsides, and more upsides now" for the bank. He added that UOB is still fairly optimistic for the next 12 months.
On Wednesday, UOB's net profit for its second quarter rose 43 per cent, as more economies reopened and as it posted lower credit allowance.
TRENDING NOW
Simba ordered to pay S$700,000 in damages to indoor skydiving operator Altitude Xperience for trespass
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
Back to Earth for SpaceX? Why the US$2 trillion titan shed US$600 billion in 3 days
