- United Overseas Bank (UOB) reported net profit of S$1,415m for 2Q23 (+27% y-o-y), which is in line with consensus estimate of S$1,409m. The results included a one-off expense of S$92m for the Citi integration.
Stability in NIM.
- - Read this at SGinvestors.io -
- Loans expanded 0.9% q-o-q, supported by trade loans and event-driven loans to existing clients. Net interest income grew by a hefty 31% y-o-y.
Fees declined 8% y-o-y and 5% q-o-q.
- Loans-related fees and wealth management fees dropped 20% and 3% y-o-y respectively in 2Q23. Credit card fees grew 22% y-o-y due to higher customer spends and consolidation of Citi’s consumer businesses.
- AUM has increased 19% y-o-y to S$165b. UOB benefitted from net new money of S$12b in 1H23.
Another record quarter for other non-interest income.
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- UOB benefitted from higher customer-related treasury income and strong contribution from trading and liquidity management activities.
Investing to enhance capabilities.
- Read more at SGinvestors.io.
