United Overseas Bank Q2 2026 net profit rises 10% to S$1.5 billion on record wealth fees

United Overseas Bank, one of Singapore's three main lenders, reported a net profit after tax of SGD 1.5 billion for the second quarter of 2026, up 10% on the same period a year earlier, according to disclosures on the bank's investor relations website.

First-half 2026 net profit rose 3% year on year to SGD 2.9 billion. Net interest income eased 2% year on year as net interest margin narrowed to 1.74%, while net fee income rose 5% to SGD 665 million on record wealth management fees.

RECORD WEALTH FEES OFFSET MARGIN PRESSURE Record wealth management fees helped offset margin pressure from lower interest rates. Wealth management income rose 16% in the first half, with growth of 30% in UOB's ASEAN markets.

Deputy chairman and chief executive Wee Ee Cheong said: "Our results reflect the resilience of our diversified franchise, and the momentum building across our key ASEAN markets."

CAUTIOUS 2026 OUTLOOK WITH LOW SINGLE-DIGIT GROWTH

Alongside the results, UOB set out a cautious outlook for the remainder of 2026, guiding to low single-digit growth in loans and fees over the full year. UOB cut its full-year fee-income growth forecast to low single digits from high single digits.

The bank also gave net interest margin guidance in a range of 1.75% to 1.80%.

UOB is a constituent of the Straits Times Index and is regulated by the Monetary Authority of Singapore. The bank was founded in 1935.

Full second-quarter financial statements, an earnings presentation and management's commentary were published on the bank's investor relations website. The lender's shares trade on the Singapore Exchange under the ticker U11. UOB declared an interim dividend of 88 cents per share, up from 85 cents a year earlier.