Shares of Singapore lender United Overseas Bank (UOB) (UOBH.SI) rose as much as 2.3% on Monday, on hopes it will report strong quarterly earnings boosted by a rise in loan growth, traders said.
At 11:35 a.m., shares of UOB were 2.1% higher at $20.87 with over 1.6 million shares changing hands.
At 11:35 a.m., shares of UOB were 2.1% higher at $20.87 with over 1.6 million shares changing hands.
“Loan growth numbers in June were pretty strong, which have increased expectations that Singapore banks will see more loan growth in the coming months, driven by business loans,” said a local analyst.
UOB will report results on August 12.
Singapore said total bank lending in the city state rose 26% to $374.3 billion in June from a year ago.
“Over the last month, UOB shares have underperformed its peers DBS and OCBC, which partly explains why it is running up more now,” said a local trader.
UOB shares rose about 4% in July, compared with 6% for both Oversea-Chinese Banking Corp (OCBC.SI) and DBS.
No comments:
Post a Comment