12 Aug '11, 5pm

[CNA] UOB says 2011 H2 "may be difficult"

[CNA] UOB says 2011 H2 "may be difficult"

SINGAPORE: Singapore's third-biggest lender UOB warned Friday the second half of this year may be difficult. Higher loans growth helped lift net profit by 5.6 per cent on-year to S$636 million for the three months ended June 30. The result was in line with the market consensus of S$636.6 million, according to a poll by Dow Jones Newswires. Net interest income rose 3.3 per cent to S$913 million, while non-interest income increased 37.3 per cent to S$524 million, from S$383 million a year ago. UOB's chief said he is mindful of the ramifications of a global recession. UOB CEO Wee Ee Cheong said: "The likely impact is that there could be a sharp pull back in global liquidity and credit, but as far as we are concerned, we are all monitoring very closely. "So far, as you can see from the stock markets, the bond markets, the markets seem to be driven by sentiment and confidence. ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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