- 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.
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- 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.
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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.
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