United Overseas Bank 1H15 Earnings Dip 2.1%
For the first six months of FY15, United Overseas Bank registered an 8.1 percent climb in net interest income to a new high of $2,414 million driven by healthy loan growth and higher net interest margin across wholesale and retail business segments.
However, higher write-back of prior years’ tax provisions ate into profits as earnings edged down 2.1 percent to $1,563 million. Total allowances for credit and other losses for 1H15 was $321 million, 4.7 percent higher than that of the corresponding period last year.
As at 30 June 2015, gross customer loans stood at $202 billion, growing 4.8 percent year-on-year, driven by broad based across most industries and territories. Non-performing loan ratio was stable at 1.2 percent.
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