CNA·3 min read·medium
OCBC, UOB post higher Q2 profit on stronger fee income
C
CNA
✦AI Summary
Singaporean banks OCBC and UOB reported significant growth in second-quarter net profits, driven largely by record-breaking wealth management fees. These gains helped the lenders offset the negative impact of lower interest rates on their core lending businesses.
OCBC posted a 22 per cent rise in second-quarter net profit, while UOB saw a 10 per cent increase in net profit in the second quarter, helped by record wealth fees.
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