Singapore bank earnings: Wealth business powers local banks' strong Q2 results
Singapore's second- and third-largest banks have turned in stronger second-quarter results, with diversified income streams helping to offset pressure from lower interest rates. UOB's net profit rose 10 per cent from a year ago to S$1.5 billion. OCBC's second-quarter net profit rose 22 per cent from a year ago to S$2.2 billion, beating estimates. OCBC CEO Tan Teck Long sat down with CNA's Elizabeth Neo for an exclusive interview. He explains why wealth management remains a key long-term growth driver for the bank.
Singapore's second- and third-largest banks have turned in stronger second-quarter results, with diversified income streams helping to offset pressure from lower interest rates. UOB's net profit rose 10 per cent from a year ago to S$1.5 billion. OCBC's second-quarter net profit rose 22 per cent from a year ago to S$2.2 billion, beating estimates. OCBC CEO Tan Teck Long sat down with CNA's Elizabeth Neo for an exclusive interview. He explains why wealth management remains a key long-term growth driver for the bank.
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