,Singapore

UOB net profit up 29% to $2b in first half of 2021

Its wholesale banking revenue was driven by large corporate and institutional clients from Singapore and Greater China.

UOB Group’s net profit increased to $2b, or by 29%, in the first half (H1) of the year compared to the same period a year ago.

We achieved a 29% increase in H1 2021 profit, driven by healthy contributions from our core businesses and resilient asset quality. Our performance was underpinned by our proactive and focused support for our customers in their businesses and investments,” said UOB CEO and Deputy Chairman Wee Ee Cheong in a bourse disclosure.

Its wholesale banking revenue grew by 5% to a record $2.1b, with cross-border income up 5%, driven by the demand for financial solutions from large corporate and institutional clients from Singapore, Greater China, and developed markets.

Retail revenue was also at $2.1b, up 1%, as assets under management from affluent customers increased by 7% and wealth management fees by 32%.

Its non-performing loan ratio was stable at 1.5%.

Our robust balance sheet and strong capital and liquidity positions also enable us to support our customers in capturing new opportunities arising from the growth momentum in Greater China and developed markets. We are accelerating our digital agenda to provide progressive solutions in anticipation of their business and personal financial needs,” Wee said.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Banks should have enough buffers and find climate transition risks manageable.
The products are now available at Eccellente by HAO Market in Singapore.
Institutional clients may accelerate time-to-market financial applications.
This was thanks to a rise in loans made to the service sector during the period.
Discussions between the two banks are at the preliminary stage.
But it reported weaker quarterly performance, largely due to its $309.8m Q3 expense.
Uncertainty over Omicron's impact may drive this slowdown.
Only 2 in 10 Singapore micro-multinationals think banks offer value for money.
The Internet boom has pushed 9 out of 10 digital merchants to accept digital payments.
It’s not as urgent as other markets with credit under-penetration, says TMRW Digital Group CCO.
The move is part of the BSP’s Digital Payments Transformation Roadmap.
Internet economy in SEA has propelled digital payments further.
The market is expected to top $83.2b in four years’ time.
The 3.26% interest rate average is its highest since November 2018.