- UOB (SGX:U11)’s 1Q23 results met expectations with strong non-II and lower allowance being key positives.
- Looking ahead, sustained momentum in fee income and contributions from Citi’s retail assets would drive UOB's topline and offset short term NIM weakness. Singapore’s uncertain and fragile outlook has dampened interest in bank stocks.
- - Read this at SGinvestors.io -
UOB's 1Q23 results within expectations.
- UOB's 1Q23 net profit of S$1.51bn (+31% q-o-q; +67% y-o-y) was 26-27% of our and consensus FY23F. Excluding the one-off expenses related to its acquisition of Citi’s retail assets in Malaysia and Thailand in Nov 2022, core earnings of S$1.58bn was up 13% q-o-q. Reported core ROE was 14.9% (FY22: 11.9%). CET-1 strengthened to 14% (Dec 2022: 13.3%).
- - Read this at SGinvestors.io -
NIM guidance tweaked.
- Read more at SGinvestors.io.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2023-04-28
Read also RHB's most recent report:
2024-08-22 UOB - Aiming To Sustain ROEs Through A Rate Cut Cycle.
Previous report by RHB:
2024-07-23 United Overseas Bank - Valuations Should Provide Downside Support.
Price targets by 3 other brokers at UOB Target Prices.
Listing of research reports at UOB Analyst Reports.
Relevant links:
UOB Share Price History,
UOB Announcements,
UOB Dividends & Corporate Actions,
UOB News Articles
