UOB-Kay Hian Holdings reported net profit of S$164.9 million for the six months ended Jun 30, a 66.2 per cent year-on-year (YoY) increase that was underpinned by stronger brokerage volumes, higher interest income and a swing to a S$9.6 million foreign-exchange gain. Pre-tax earnings rose 71.7 per cent to S$189.3 million.

Basic earnings per share climbed to 16.86 Singapore cents from 10.60 cents a year earlier. The board did not declare an interim dividend, mirroring the position taken in the same period last year. Net asset value stood at 238.50 cents per share as at Jun 30, up from 232.99 cents at end-2025.

Total revenue expanded 41.8 per cent YoY to S$481.1 million. Commission and trading income surged 51.6 per cent to S$313.2 million, while interest income grew 19.9 per cent to S$137.3 million on higher client financing and deposit yields. Other operating income almost doubled to S$30.6 million, helped by facility and advisory fees.

Geographically, Singapore remained the largest profit contributor with pre-tax earnings of S$123.8 million, followed by Hong Kong at S$50.1 million. Thailand and Malaysia added S$4.4 million and S$13.0 million respectively, while other markets posted a combined loss of S$7.1 million. Group eliminations contributed a positive S$5.1 million.

Cost pressures persisted. Commission expenses rose 33.5 per cent to S$68.8 million in line with turnover, staff costs increased 40.6 per cent to S$142.9 million, and finance expenses more than doubled to S$37.3 million on higher funding needs. The group also booked a S$6.1 million allowance for trade receivables, lifting other operating expenses to S$52.3 million.

During the half, the brokerage lifted its stake in UOB-Kay Hian (Thailand) to 99.84 per cent and delisted the subsidiary, while realising S$40.3 million from the sale of 10 million treasury shares. Short-term bank borrowings increased to S$2.22 billion, secured largely against floating charges over group assets.

Management expects market conditions to remain broadly supportive over the next 12 months, citing ongoing initiatives by the Monetary Authority of Singapore, recovering Hong Kong IPO volumes and resilient Stock Connect activity. Still, it cautions that volatility could persist amid uncertainty over US interest-rate policy, the durability of AI-related investment themes and geopolitical risks. The group said it will prioritise expansion of its wealth-management franchise, maintain cost discipline and pursue prudent risk management to sustain growth.