UOB’s Q2 earnings up 11% to S$1.1b; CEO Wee expects Asean economies to stay resilient

FEARS may be brewing over possible recessions in the United States and Europe, but UOB expects the Asean economies to be relatively resilient — especially the markets where the Singapore bank has a footprint.

It also expects its bottom line to benefit from the US Federal Reserve’s interest rate hikes, with higher contributions from net interest income able to more than offset any dip in wealth management fee income.

Chief executive Wee Ee Cheong stated at a media briefing following the release of the bank’s second-quarter financial results on Friday (Jul 29): “At UOB, our base case is we do not expect a recession in our key markets; though growth may slow.”