United Overseas Bank - Maybank Research 2024-02-22: ASEAN Growth Positive; Dividends Unlikely To Surprise

• UOB (SGX:U11)’s FY23 earnings were ahead of expectation. Better net-interest income helped and so did lower provisions for bad loans. However, net-interest margins are set to see increased pressure going forward from lower loan yields and higher funding costs.
• - Read this at SGinvestors.io -

Net-interest margins pressure, yet net-interest income held up.

• UOB's 4Q23 net-interest margins of 2.02% fell -20bps y-o-y. December exit net-interest margins stand at similar levels, pointing to further softening in 1Q24. Loan margins seem to be moderating fast in the face of competition for a narrow pool of high quality customers.
• - Read this at SGinvestors.io -
• Low-cost current and savings accounts (CASA) to total deposits have increased to 48.9% in 4Q23 vs 47.5% a year ago. This is positive, but might not be enough to offset the loan yield declines.

Non-interest income boost

• Read more at SGinvestors.io.

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

Read also Maybank's most recent report:
2025-11-06 UOB - Low Visibility, High Provisions, Falling Dividends Limit Catalysts.

Previous report by Maybank:
2025-08-07 UOB - Limited Near-term Catalysts; Turnaround In Weak Delivery May Take A While.

Price targets by 3 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