UOB reported accelerating wealth management momentum across Southeast Asia during the first half of 2026, with wealth income across its ASEAN-4 markets increasing 30% year-over-year and high-net-worth assets under management reaching S$204 billion.
The bank’s ASEAN-4 operations consist of Malaysia, Indonesia, Thailand and Vietnam. Wealth management income across these markets grew 30%, led by Malaysia and Thailand, as UOB expanded customer engagement across its regional wealth platform. Positive net new money inflows helped lift high-net-worth AUM 7% from a year earlier to S$204 billion.
At the group level, first-half wealth management income increased 16%, supported by growth in AUM and higher conversion of customer deposits into invested assets. Wealth management fees reached another record in the second quarter as client engagement and demand for investment and advisory products remained healthy.
UOB reported second-quarter net profit of approximately S$1.5 billion, up 10% year-over-year and 3% sequentially. First-half net profit increased 3% to S$2.92 billion despite macroeconomic uncertainty, market volatility and continued pressure on interest margins. The board declared an interim dividend of 88 cents per ordinary share, representing a payout ratio of approximately 50%.
For the second quarter, total income increased 4% year-over-year to S$3.60 billion. Net interest income declined 2% to S$2.30 billion as lower rates pressured margins, while net fee income increased 5% to S$665 million, driven in part by wealth and fund management. Other non-interest income increased 28% to S$632 million, benefiting from gains on asset divestments.
For the first half, net interest income decreased 3% to S$4.62 billion and net fee income declined 2% to S$1.30 billion, reflecting weaker investment banking fees. Other non-interest income increased 4% to S$1.09 billion. Expenses rose 2% to S$3.15 billion, with the cost-to-income ratio at 44.9%. Allowances declined 27% to S$414 million.
Beyond wealth management, UOB reported strong regional trade activity. Group trade loans increased 33% year-over-year during the first half, while CASA balances grew 9%. In the ASEAN-4 markets, trade loans increased 14% and CASA balances grew 9%. Cross-border income accounted for 28% of total wholesale banking income, reflecting the importance of regional connectivity to UOB’s broader ASEAN strategy.
Retail banking also benefited from growth in deposits and cards. Retail deposits increased 2%, including 4% growth in CASA balances, while credit card income rose 13% from the previous year.
Asset quality and liquidity remained stable. UOB’s non-performing loan ratio was 1.6%, while its Common Equity Tier 1 capital adequacy ratio stood at 15.4%. Its average all-currency liquidity coverage ratio was 159%, and its net stable funding ratio was 114%, both above regulatory requirements.
KEY QUOTES:
“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.
Our ASEAN strategy is gaining traction. We are seeing good progress across our businesses as we deepen customer relationships, expand our capabilities and connect customers to opportunities across our regional network.
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.”
Wee Ee Cheong, Deputy Chairman and CEO of UOB
