- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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:
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Rui Wen LIM DBS Group Research | https://www.dbs.com/insightsdirect/ 2023-10-26
Read also DBS's most recent report:
2024-04-22 UOB - More Upside In The Works.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 Dividends & Corporate Actions,
UOB News Articles
