UOB positive on easing interest rates as loan demand picks up in Q2
For the second quarter ended Jun 30, 2024, the lender’s net profit rises 1 per cent to S$1.43 billion
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THE impending ease in global interest rates will likely be beneficial for UOB as it spurs more economic growth and activity in Asia, said UOB deputy chairman and chief executive Wee Ee Cheong.
Even though lower interest rates may mean less interest income, the lender expects it will still gain from the resulting pickup in commercial activities, especially since it has already seen more loan demand in Q2.
“Interest rates coming down is generally good for the economy – you can see that our loan volume has picked up; so I would say it’s positive,” Wee said on Thursday (Aug 1).
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