UOB 3Q23 Earnings Forecast - CGS-CIMB Research 2023-10-11: Volumes Over Margin

• United Overseas Bank (UOB) will report 3Q23F earnings on 26 Oct 2023. See earnings calendar.
• We expect Singapore banks’ earnings to be rather muted in 3Q23F.

3Q23 forecast: NIM compression should ease, but growth is meek

• - Read this at SGinvestors.io -
• We think NIMs could stay flattish across the sector in 3Q23F but compress further from 4Q23F as banks hike time deposit rates.
• With the Fed fund futures pricing in the first rate cut only in mid-2024, we think that it may still take time for wealth management income to rise significantly as risk-on momentum builds up.
• - Read this at SGinvestors.io -

Expect 3Q23F net profit of S$1.53bn

• We expect UOB to report a net profit of S$1.53bn in 3Q23F (+2% q-o-q, +9% y-o-y).
• On balance, we think NIMs could be flattish q-o-q at ~2.12% in 3Q23F.

Keeping safe with high-quality names

• Read more at SGinvestors.io.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

Read also CGS-CIMB's most recent report:
2024-02-22 UOB - Steady Earnings In 4Q23; Prioritising Funding Cost Reduction.

Previous report by CGS-CIMB:
2023-10-27 UOB - Going Defensive; 3Q23 Softer NIM Offset By Fees.

Price targets by 5 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