OCBC, UOB post higher Q2 profit on stronger fee income
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.
Why it matters
The results highlight Singapore's continued strength as a global wealth management hub despite broader economic volatility.
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.
People walk in front of the Oversea-Chinese Banking Corp (OCBC) headquarters in Singapore, on Nov 7, 2025. (Photo: REUTERS/Yantoultra Ngui)
SINGAPORE: Singapore lenders OCBC and UOB reported higher second-quarter profits on Friday (Aug 7), as income from wealth management and other fee-based businesses helped offset pressure from lower interest rates on their core lending operations.
OCBC, the city-state's second-largest bank, raised its loan-growth forecast after posting record quarterly profit that exceeded expectations.
Smaller peer UOB cut its 2026 forecast for fee-income growth to the low single digits from high single digits, even as its quarterly profit beat estimates. It did not provide an explanation for the guidance change.
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