UOB Group reported a net profit of S$1.5bn ($1.17bn) for the second quarter of 2026 (2Q26), up 10% compared with a year ago. For the first half of 2026, net profit rose 3% compared with the same period last year.

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

Wealth management income for 1H26 rose 16% from the previous year, underpinned by growth in assets under management (AUM) and higher conversion of clients’ deposits into invested AUM.

The group saw strong wealth momentum across its Asean-4 markets, with wealth management income growing 30% year on year, led by Malaysia and Thailand. The group continued to see positive net new money inflows, bringing high-net-worth AUM to S$204 billion, up 7% from a year ago.

Earlier this week, UOB agreed to sell its asset management business to AllianzGI.

Wee Ee Cheong, UOB’s deputy chairman and chief executive officer, said: “Our results reflect the resilience of our diversified franchise, and the momentum building across our key Asean markets. Wealth management reached new highs, while transaction banking benefited from healthy customer activity across the region.

 “Looking ahead, we see significant opportunities to grow wealth, support cross-border ambitions and capture a larger share of trade and investment flows across Asean. We are sharpening our focus and investing in capabilities that will drive long-term value for our customers and shareholders.”

UOB’s retail deposits grew 2%, supported by a resilient CASA growth of 4%, despite the lower interest rate backdrop. Credit card income increased 13% from the previous year, along with steady growth in card billings.

Despite healthy loan growth of 5% and active balance sheet management, UOB’s net interest income eased 2% from the previous year due to margin pressures from the lower interest rate environment. Net fee income rose 5% year on year to S$665 million, led by record wealth management fees, although this was partially offset by softer loan-related fees from capital market activities.

The group’s non-performing loan ratio stood at 1.6%. Credit costs for 2Q26 remained within expectations at 28 basis points.

In 1H26, UOB’s wholesale banking continued to build on its positive business momentum in a challenging operating environment. Transaction banking remained a key contributor, representing close to half of total wholesale banking income.

This was supported by a 33% year-on-year increase in trade loans, and a resilient CASA growth of 9%, reflecting robust client demand for the Bank’s integrated cash management and trade solutions.

Across the Bank’s Asean-4 markets of Malaysia, Indonesia, Thailand and Vietnam, trade loans grew 14% and CASA balances rose 9% year on year. Cross-border income remained steady, accounting for 28% of total wholesale banking income.