August 3, 2018 / 12:01 AM / 17 days ago

United Overseas Bank Q2 profit rises 28 pct, exceeds expectations

Aug 3 (Reuters) - United Overseas Bank Ltd reported a 28 percent jump in second-quarter profit on Friday, exceeding market expectations on strong margins and loan growth.

The bank’s net profit came in at S$1.1 billion ($789 million) in the three months ending June, compared to S$845 million a year ago and an average estimate of S$993.9 million from two analysts, according to Thomson Reuters I/B/E/S.

Net interest income rose 14 percent to S$1.54 billion, the lender said in a statement.

On Thursday, DBS Group Holdings Ltd, Southeast Asia’s biggest lender, posted 20 percent rise in second-quarter profit that came in slightly below market expectations.

Analysts say an easing of Singapore’s economic growth amid an international trade row, as well as new property curbs imposed last month, have clouded the outlook for local banks after they reported record profits last year.

$1 = 1.3688 Singapore dollars Reporting by Aditya Soni in Bengaluru; Editing by Stephen Coates

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