- United Overseas Bank (UOB)'s 4Q23 adjusted earnings of S$1,498mil were slightly above our estimates due to higher fee income and other non-interest income, but offset by lower-than-expected NII and higher allowances. FY23 adjusted PATMI was 102% of our FY23e forecast.
- - Read this at SGinvestors.io -
The Positives
Fee income continues the strong recovery.
- Fees grew 17% y-o-y, largely due to higher credit card fees, which hit a new record of S$125mil (+69% y-o-y), boosted by higher card spending on an enlarged regional franchise due to the Citi integration.
- - Read this at SGinvestors.io -
- On a full-year basis, UOB's fee income rose 4%, driven by record-high credit card fees, underscored by higher customer spending, expanded regional franchise, and higher wealth fees. This was partly offset by softer loan-related fees amid cautious corporate sentiment.
Other non-interest income surges y-o-y.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Glenn Thum Phillip Securities Research | https://www.stocksbnb.com/ 2024-02-26
Read also Phillip's most recent report:
2024-08-19 UOB - ROE To Sustain At 14%.
Previous report by Phillip:
2024-08-05 United Overseas Bank (UOB) - Trading & Investment Offset Fees Growth.
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 Dividends & Corporate Actions,
UOB News Articles
