UOB dips 2.2% while OCBC rises 2% after Q2 earnings releases

[SINGAPORE] Shares of local banks UOB and OCBC diverged post-Q2 earnings release, with UOB declining 2.2 per cent, while OCBC shares rose 2 per cent on Friday (Aug 7).

UOB shares declined 1.5 per cent at market open, before slipping further to S$42.61 at 9.06 am, down 2.2 per cent or S$0.97, after about 1.1 million securities valued at S$46.1 million were transacted.

On the other hand, OCBC shares were up 2 per cent, before easing to S$29.88 at 9.06 am, still up 1.9 per cent or S$0.55. Around 1.8 million securities worth S$52.7 million changed hands.

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

UOB’s operating profit was also up 2 per cent year on year at S$2 billion for Q2, but its H1 operating profit declined 4 per cent on the year to hit S$3.9 billion.

UOB’s net profit for its second quarter rose 10 per cent to S$1.48 billion, compared with S$1.34 billion for the year-ago period. Meanwhile, OCBC’s net profit for the period was up 22 per cent at S$2.22 billion, from S$1.82 billion previously.