UOB - RHB Invest 2023-04-28: 1Q23 Strong Topline Lifts Bottomline; Keep BUY

• 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.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2025-11-07 UOB - Loans Provision Coverage Build Up Dampens Earnings.

Previous report by RHB:
2025-05-08 UOB - NIM & Non-II Positives But Credit Cost Dampens.

Price targets by other brokers at UOB Target Prices.

Listing of research reports at UOB Analyst Reports.

Relevant links:
UOB Share Price History,
UOB Announcements,
UOB Dividend Payout Dates & Corporate Actions,
UOB News