UOB net profit rises 11% to $1.1 billion in Q2 amid higher interest rates

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UOB’s second quarter net profit hit S$1.1 billion, up 11% on-year. The bank said the rising interest rate environment will further boost its margins for 2022. Its net interest income rose 18% on-year, driven by strong margin improvement and loan growth. Net interest margin rose by 11 basis points to 1.67%, and loans grew at 8%. The bank declared an interim dividend of 60 cents per ordinary share, with a payout ratio of about 50%.

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