- 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 the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-02-23
Read also UOB's most recent report:
2024-05-09 United Overseas Bank - Building Regional Franchise For Consumer Businesses.
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