UOB was the first local bank to announce its 1HFY2024 and 2QFY2024 ended June financial results. The bank reported a core net profit of $1.489 billion for 2QFY2024, down 5% q-o-q and up 1% y-o-y. Including Citigroup’s integration costs, net profit rose 1% y-o-y but fell 4% q-o-q to $1.425 billion.
On July 31, Jerome Powell, chairman of the Federal Reserve, said a rate cut in September is “on the table” provided the inflation data continues to be encouraging.
Wee Ee Cheong, group CEO of United Overseas Bank (SGX:U11
) (UOB), echoes the same expectations: “Interest rates have peaked and inflation data has strengthened the case for the Fed to cut interest rates. A gradual easing of interest rates will be good for Asia. We’ve seen the pick-up of commercial activity in Asia.”
