United Overseas Bank Ltd. lowered its fee income growth forecast for 2023, signaling a more challenging outlook, even as it reported second-quarter profit that topped estimates.
Fee income will expand at a high single-digit percentage this year, and credit costs will be around 25 basis points, Chief Executive Officer Wee Ee Cheong said Thursday in a statement accompanying the earnings report. Last quarter, he projected a double-digit growth in fees, while expecting credit costs to be in a range of 20 to 25 basis points.
Read More : UOB’s Profit Beats Estimates, but Fee Growth Forecast Lowered