UOB reported a 10% increase in second-quarter net profit to S$1.48 billion (US$1.15 billion), driven by robust growth in its wealth management and trade businesses. The Singapore-based bank's total revenue for the three months ended June rose 4% year-on-year to S$3.60 billion.

Net interest income declined 2% to S$2.30 billion, as the net interest margin narrowed in the current interest rate environment. However, net fee income rose 5% to S$665 million, supported by strong growth in wealth and fund management. Other non-interest income surged 28%, boosted by non-recurring gains from asset divestments.

UOB declared an interim dividend of 88 Singapore cents per ordinary share, representing a payout ratio of approximately 50%.