SINGAPORE, July 29 Reuters Singapore39;s smallest listed lender, United Overseas Bank UOB, reported a rise of 11 in secondquarter profit, supported by a strong improvement in net interest income amid increasing interest rates.

This rising interest rate environment is set to further boost our margins for the year, Chief Executive Wee Ee Cheong said in a statement. We continue to see economic activity picking up as borders reopen and investment flows resume.

The bank posted net profit of S1.11 billion 805 million in the quarter to June 30, in line with market estimates, against S1 billion a year earlier. Net interest income jumped 18 while net fee income dropped 3.

11.3793 Singapore dollars

Reporting by Anshuman Daga; Editing by Clarence Fernandez

Source Reuters