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UOB positive on net interest margin growth, posts 27% rise in Q2 profit

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Tan Nai Lun
Vivienne Tay

Tan Nai Lun &

Vivienne Tay

Published Thu, Jul 27, 2023 · 01:31 PM
    • While the global growth outlook continues to be uncertain, the South-east Asia region will likely stay relatively resilient due to a more moderate rates environment, a pickup in tourism and supply chain diversification, said UOB chief executive Wee Ee Cheong.
    • While the global growth outlook continues to be uncertain, the South-east Asia region will likely stay relatively resilient due to a more moderate rates environment, a pickup in tourism and supply chain diversification, said UOB chief executive Wee Ee Cheong. PHOTO: UOB

    UOB is keeping a positive outlook on its net interest margin (NIM), particularly after the latest round of interest rate hikes by the US Federal Reserve, said group chief financial officer Lee Wai Fai.

    NIM for the lender’s second quarter ended Jun 30 stood at 2.12 per cent, down from 2.14 per cent a quarter earlier. But Lee said this was because liquidity surplus was deployed into high quality, lower yielding assets.

    In fact, its loan margin held up at 2.62 per cent, from 2.61 per cent last quarter, signalling some strength.

    UOBFinancial resultsSingapore banksInterest rates

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