- United Overseas Bank (UOB, SGX:U11) reported core net profit of S$1,566m for 1Q24 (-1% y-o-y). Including one-off expenses of S$79m for the integration of Citi, net profit would be S$1,487m (-2% y-o-y). The results are slightly above consensus estimate of S$1,428m.
NIM stabilised on a sequential basis.
- - Read this at SGinvestors.io -
- Loans rose 2% y-o-y with the expansion driven by Thailand, Vietnam and Greater China. Net interest income declined 2% y-o-y.
Fees grew 5% y-o-y and 2% q-o-q in 1Q24.
- Contributions from wealth management and credit cards increased 5% and 11% y-o-y respectively. UOB attracted net new money of S$3b in 1Q24 and AUM expanded 11% y-o-y to S$179b.
- - Read this at SGinvestors.io -
Clocked record trading & investment income.
- UOB's trading & investment income increased 10% y-o-y to an all-time high of S$521m in 1Q24. Customer-related treasury income grew 11% y-o-y due to record levels of retail bond sales and strong hedging demand. UOB also benefitted from trading and liquidity management activities.
Continuing to exercise cost discipline.
- 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/ 2024-05-09
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2024-02-23 United Overseas Bank - Building Regional Franchise For Consumer Businesses.
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