Singapore's smallest listed lender United Overseas Bank on Friday reported a 5.5 percent increase in its second-quarter net profit.
The results came a day after larger lender Oversea-Chinese Banking Corp beat market expectations with a 22 percent jump in its net profit to the highest level in almost three years.
Shares of United Overseas Bank fell as much as 2.6 percent to S$23.96 on the Singapore exchange as bad loans inched higher. Stock has gained about 18 percent this year.
Here are five highlights of the results:
- Higher Q2 profit on account of growth in net interest income and fee and commission income.
- The non-performing loan ratio, however, increased to 1.5 percent from a year-ago 1.4 percent.
- Gross loans increased 7.3 percent year-on-year to S$228 billion while deposits were 4.7 percent higher at S$260 billion as at 30 June 2017.
- As at 30 June 2017, the group's Common Equity Tier 1 and Total CAR remained strong at 13.8 percent and 17.8 percent respectively.
- The bank has declared an interim dividend of 35 Singapore cents per share.