UOB (SGX:U11)'s 3Q23 revenue grew 9% y-o-y/declined 2% q-o-q to S$3,457m and net profit declined 1% y-o-y/2% q-o-q to S$1,382m. Core net profit after tax, excluding Citi integration costs (net of tax) of S$97m, would be S$1,500m (+5% y-o-y/2% q-o-q).
UOB's 3Q23 revenue and net profit in line with consensus.
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Operating costs increased 4% y-o-y/decreased 2% q-o-q, resulting in a cost-to-income ratio excluding/including one-off Citi integration costs of 41.0%/44.4% (2Q23: 40.9%/44.1%), respectively.
CET1 ratio post 1H dividend payment declined to 13.0% (2Q23: 13.6%) alongside growth in risk-weighted assets of 3% q-o-q, which was driven largely by the annual review credit downgrade (exposures that were downgraded 1-2 notches).
Non-interest income declined from previous quarter.
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Other non-interest income of S$436m (+1% y-o-y/-25% q-o-q) declined, as other trading and investment income was impacted by volatility in the valuation of investments.
Trading and investment income of S$375m (+1% y-o-y/-22% q-o-q) declined from the previous quarter:
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Above is an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
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