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United Overseas Bank posts 8% YOY rise in Q2 net profit, ups dividend

United Overseas Bank Ltd. posted a 8% year-over-year increase in net profit for the quarter ended June 30.

The banking group on Aug. 2 said net profit after tax climbed to S$1.17 billion from S$1.08 billion in the year-ago period. EPS inched up to S$2.74 from S$2.50.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was at 60 cents, with three analysts reporting.

Net interest income went up to S$1.65 billion from S$1.54 billion, as gross loans grew 9% year on year. Net fee and commission income also grew to S$527 million from S$498 million.

Total income for the quarter came to S$2.58 billion, up from S$2.34 billion. Operating profit rose to S$1.45 billion from S$1.32 billion, while operating expenses increased to S$1.13 billion from S$1.02 billion.

Net interest margin for the period clocked in at 1.81%, up from 1.79% in the prior quarter, but down from 1.83% in the prior-year period.

The Singaporean lender booked allowances for credit and other losses of S$51 million, down from S$90 million a year earlier, due to a write-back in allowances on non-impaired assets.

The bank's nonperforming loan ratio at the end of June came in at 1.5%, steady from the previous quarter, but slightly down from 1.7% in the second quarter of 2018.

As of June 30, the bank's total capital adequacy ratio came in at 17.2%, up from 17.0% as of March 31, but down from 18.4% as of June 30, 2018. Its Tier 1 capital ratio stood at 14.9%, steady from the prior quarter, but down from 16.0% a year earlier, while its common equity Tier 1 ratio for the period remained steady at 13.9% in the previous quarter, but fell from 14.5% at the end of June 2018.

The bank declared an interim one-tier tax-exempt dividend of 55 cents per share, up from 50 cents per share in the prior-year period. The dividend is payable Aug. 27.

As of Aug. 1, US$1 was equivalent to S$1.37.