UOB Q2 profit climbs 10% to S$1.48 billion, edging past estimates
UOB reported a 10 percent increase in second-quarter net profit, reaching S$1.48 billion. The bank is shifting its strategy to focus on capital-light, advisory-led business models.
Why it matters
This reflects a broader trend in the banking sector where institutions are divesting non-core assets to improve efficiency and relevance in a changing economic landscape.
Lender declares a dividend of S$0.88 per share for the period
[SINGAPORE] UOB signalled that it will continue pruning non-core businesses as it reshapes itself into a more capital-light, advisory-led lender, with group chief executive Wee Ee Cheong saying that the bank will focus on businesses where it has a competitive advantage.
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