The arm of United Overseas Bank that includes private banking, reported a pre-tax profit in the first half of 2014 of S$609 million ($488 million), a rise from S$571 million in the same period a year earlier.

The arm of United Overseas Bank that includes private banking, reported a pre-tax profit in the first half of 2014 of S$609 million ($488 million), a rise from S$571 million in the same period a year earlier.

Private banking is contained in the group retail division of UOB, one of the three large domestic Singapore banking groups along with DBS and Oversea-Chinese Banking Corp. (DBS is due to report its results today.) The share price of the bank ended up slightly on the day yesterday.

UOB didn’t provide specific figures on private banking, such as assets under management.

Group retail operating income stood at S$1.463 billion in the first half of this year, up from S$1.365 billion a year ago, it said in a statement yesterday.

The bank, across its entire business lines, said it “delivered strong net earnings” of S$1.60 billion for the first half of 2014, up 6.1 per cent from the first half of 2013. Operating profit rose 10.6 per cent to S$2.09 billion, led by strong loan growth and higher investment gains.

For the second quarter, UOB reported net earnings of S$808 million, up 3.2 per cent than the second quarter of 2013.

“Despite the moderating growth in Asia in the near term, we believe in the region’s long-term potential. We continue to invest in our regional capabilities for our customers as they seize opportunities in the region,” Wee E Cheong, UOB group chairman, said.