UOB net profit up 29% to $2b in first half of 2021

Its wholesale banking revenue was driven by large corporate and institutional clients from Singapore and Greater China.

UOB Group’s net profit increased to $2b, or by 29%, in the first half (H1) of the year compared to the same period a year ago.

“We achieved a 29% increase in H1 2021 profit, driven by healthy contributions from our core businesses and resilient asset quality. Our performance was underpinned by our proactive and focused support for our customers in their businesses and investments,” said UOB CEO and Deputy Chairman Wee Ee Cheong in a bourse disclosure.

Its wholesale banking revenue grew by 5% to a record $2.1b, with cross-border income up 5%, driven by the demand for financial solutions from large corporate and institutional clients from Singapore, Greater China, and developed markets.

Retail revenue was also at $2.1b, up 1%, as assets under management from affluent customers increased by 7% and wealth management fees by 32%.

Its non-performing loan ratio was stable at 1.5%.

“Our robust balance sheet and strong capital and liquidity positions also enable us to support our customers in capturing new opportunities arising from the growth momentum in Greater China and developed markets. We are accelerating our digital agenda to provide progressive solutions in anticipation of their business and personal financial needs,” Wee said.