OCBC shares close 3.3% up after hitting all-time high on Q2 earnings; UOB down 2.7%

[SINGAPORE] Shares of UOB and OCBC diverged after the local banks’ second-quarter earnings release. UOB fell as much as 2.7 per cent, while OCBC rose as much as 4 per cent, hitting an all-time of S$30.50, on Friday (Aug 7).

Shares of UOB later pared some losses, closing 0.6 per cent down at S$43.30, after about 6.5 million securities valued at S$281.2 million were transacted.

Meanwhile, OCBC shares eased slightly from their high, closing 3.3 per cent up at S$30.30, with 12 million shares worth S$362 million having changed hands.

This comes after the two banks’ Q2 earnings beat forecasts, with OCBC’s operating profit increasing 20 per cent year on year to S$2.6 billion, on strong contributions from its wealth management and insurance segments.

UOB’s operating profit was up 2 per cent year on year at S$2 billion for Q2, but its operating profit for the first half of the year fell 4 per cent on the year to S$3.9 billion.

UOB’s net profit for Q2 rose 10 per cent to S$1.48 billion, compared with S$1.34 billion for the year-ago period.

SEE ALSO

DBS shares close 2.1% up after hitting all-time high on Q2 earnings

THE BUSINESS TIMES INSIGHTS

Powering Asean's Future 2026

Find out how enterprises are navigating power constraints and sustainability targets

ACCESS THE INSIGHTS

Meanwhile, OCBC’s net profit for the period was up 22 per cent at S$2.22 billion, from S$1.82 billion previously.