United Overseas Bank Limited (UOVEY) Q2 2026 Earnings Call Transcript

Ee Cheong Wee
Deputy Chairman & CEO

Good morning, and thank you for joining us. I think given the global environment remain uncertain, I think the three local Singapore banks, generally, I think, has been quite resilient, which is very encouraging. And even on our side, we see healthy trade and investment flow, stronger connectivity in Greater China and ongoing supply chain shift into the region. As businesses look to ASEAN for growth and diversification, I believe we are continuing to well position to support them. ASEAN is our home, our competitive advantage and our engine of growth.

Over the years, we have built a differentiated franchise with deep local strong customer relationships and value-added ecosystems. We will continue to invest in our growth drivers. Okay. Let me just very briefly touch on three areas: Wholesale banking, retail and our priorities. Our wholesale banking franchise continues to benefit from growing trade, investment and connectivity across ASEAN. As clients increasingly operate across multiple markets, our regional footprint is a key differentiator. ASEAN-4 is key growth region, contributing about 27% of wholesale growing faster than. Transaction banking is a key pillar, contributing to nearly half of wholesale banking income. Trade loans grew over 30%, while wholesale CASA deposits increased 9% year-on-year in the first half.

We see encouraging momentum in foreign direct investment in Southeast Asia with larger and more strategic. Over the past decades, foreign direct investment into ASEAN more than doubled even as global foreign direct investment declined by about [indiscernible]. Through our FDI advisory unit, supported more than 300 cross-border deals into the region in the last 6 months with projected investment