EconomySingapore bank earnings: Wealth business powers strong second-quarter results

Singapore’s second- and third-largest banks reported stronger second-quarter results. Diversified income streams helped UOB and OCBC offset pressure from lower interest rates. UOB’s net profit increased 10 per cent year on year to S$1.5 billion, while OCBC’s profit climbed 22 per cent to S$2.2 billion and exceeded estimates. OCBC CEO Tan Teck Long discussed why wealth management remains central to the bank’s long-term growth strategy.