UOB Profit Rises With the Singapore Bank Optimistic About Regional Growth

(Bloomberg) — United Overseas Bank Ltd. reported a rise in its second-quarter profit, with the lender optimistic that Southeast Asia’s prospects can overcome concerns of aggressive rate hikes derailing global growth.

Net income rose 11% from a year earlier in the three months ended June 30, Southeast Asia’s third-largest lender said Friday. That’s largely in line with the S$1.1 billion ($796 million) average estimate of four analysts surveyed by Bloomberg News. Its shares rose as much as 0.9% on low volumes in early trading.