United Overseas Bank Ltd (OTCPK:UOVEF)
$ 22.05 0 (0%) Market Cap: 37.33 Bil Enterprise Value: 5.49 Bil PE Ratio: 9.07 PB Ratio: 1.10 GF Score: 82/100
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Half Year 2021 United Overseas Bank Ltd Media Briefing Transcript

Aug 04, 2021 / NTS GMT
Release Date Price: $18.43
Ee Cheong Wee
United Overseas Bank Limited - Deputy Chairman & CEO

Good morning, and thank you for joining us. We hope everyone is staying safe and healthy. Today, I would like to share 4 key messages to all of you. First key message, we have achieved strong first half this year backed by economic recovery, strong customer franchise, diversified growth engines and resilient portfolio.

In the second quarter, we continued to build on our strong business momentum. First half profit rose 29% year-on-year to SGD 2 billion, with healthy contributions across our core businesses. Loans grew 6%, led by wholesale banking, which had a record quarter. This was driven by rising trade and investment flows and capital market activities as we provide targeted sector solutions for our clients.

Fee income rose 28% on the back of strong wealth management, loan-related and fund management performance. If I break it down, the wealth management is up 32% year-on-year; loan-related 33% year-on-year; and fund management up 40% year-on-year. This was achieved despite uneven recovery across economies. Our

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