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UOB reports 12% increase for second quarter profit

UOB reports 12% increase for second quarter profit

(9 August 2012 – Asia) United Overseas Bank (UOB) reported a 12.1 percent increase in second quarter net profit, making US$574 million (A$544 million). Singapore's third-largest bank by assets attributed the improvement to higher loan volumes and fee income. The net profit for the second quarter was a 16 percent increase from the comparable US$494 million posted last year.

UOB chief executive Wee Ee Cheong said: 'the good thing is we are growing strongly in fees, which helped offset margin pressure.'

Net interest income rose 7.4 percent to US$790 million from US$735 million, while non-interest income jumped 20 percent to US$507 million from US$422 million.

Wee said the group is looking to take advantage of expansion opportunities in the region as they arise and the bank is interested in the regional asset management business of ING.
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