UOB reported net profit of S$1,498m for 4Q23 (+7% y-o-y). Wealth management fees grew 21% y-o-y due to growth in bancassurance and pick-up in demand for fixed income products. Credit card fees grew 69% y-o-y due to higher customer spends and expanded regional franchise after consolidating Citi consumer businesses.
- Read this at SGinvestors.io -
UOB's 4Q23 results
United Overseas Bank (UOB, SGX:U11) reported net profit of S$1,498m for 4Q23 (+7% y-o-y), which is in line with consensus estimate of S$1,514m. Including the one-off expenses of S$94m for Citi integration cost, net profit is lower at S$1,403m.
Competition for high quality credits.
- Read this at SGinvestors.io -
Loans expanded 2% y-o-y on a constant currency basis. Loan-to-deposit ratio dipped 3.4ppt y-o-y to 82.2%.
Net interest income dropped 6% y-o-y in 4Q23.
Fees grew at double digit rate.
Fees increased 17% y-o-y in 4Q23, aided by a low base last year. Wealth management fees grew 21% y-o-y due to growth in bancassurance and pick-up in demand for fixed income products. UOB attracted net new money inflows of S$22b and assets under management from affluent customers grew to 14% y-o-y to S$176b.
Credit card fees grew by a sizeable 69% y-o-y due to higher customer spends and expanded regional franchise after consolidating Citi consumer businesses.
Trading & investment income increased 78% y-o-y
Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
Use Trust Referral Code PGKPSWAE to sign up NTUC Link or Trust Link Credit Card or open a Trust Bank Savings Account: ✨Earn up to S$1,000 cashback reward 🎟 !
