Global Market: Singapore's OCBC, UOB Q2 profits rise as wealth business cushions impact of lower interest rates

Singapore’s OCBC and UOB reported stronger-than-expected second-quarter earnings on Friday. OCBC achieved a record quarterly net profit of S$2.22 billion, while UOB profit rose 10% to S$1.48 billion. Both banks used wealth management growth to cushion the impact of lower interest rates, leading them to declare higher interim dividends for shareholders.