OCBC jumps 3.1% at midday after Q2 earnings release; UOB pares morning losses
UOB’s net profit climbs 10% to S$1.48 billion; OCBC’s is up 22% at S$2.22 billion
[SINGAPORE] Shares of UOB and OCBC diverged after the local banks’ second-quarter earnings release, with UOB declining by as much as 2.2 per cent, while OCBC shares rose by 2 per cent on Friday morning (Aug 7).
UOB shares declined 1.5 per cent at market open, before slipping further to S$42.61 at 9.06 am, down 2.2 per cent or S$0.97, after about 1.1 million securities valued at S$46.1 million were transacted. The stock later pared losses by midday, reaching S$43.21, still down 0.8 per cent.
On the other hand, OCBC shares rose 2 per cent, before easing to S$29.88 at 9.06 am, still up 1.9 per cent or S$0.55. By midday, the counter was up 3.1 per cent at S$30.25 – a new high for the lender.
This comes after the two banks’ Q2 earnings beat forecasts, with OCBC’s operating profit increasing 20 per cent year on year to S$2.6 billion, on strong contributions from its wealth management and insurance segments.
UOB’s operating profit was up 2 per cent year on year at S$2 billion for Q2, but its operating profit for the first half of the year fell 4 per cent on the year to S$3.9 billion.
UOB’s net profit for Q2 rose 10 per cent to S$1.48 billion, compared with S$1.34 billion for the year-ago period.
Meanwhile, OCBC’s net profit for the period was up 22 per cent at S$2.22 billion, from S$1.82 billion previously.
