UOB (SGX:U11)'s 1Q24 revenue came in at S$3,523mil (flat y-o-y, +3% q-o-q) and net profit is S$1,487mil (-2% y-o-y, +6% q-o-q). Core net profit after tax, excluding Citi integration costs (net of tax) of S$79mil, would be S$1,566mil (-1% y-o-y, +5% q-o-q). 1Q24 revenue and profit largely in line with consensus.
Net interest income (NII) declined 2% y-o-y and q-o-q
- Read this at SGinvestors.io -
Operating costs increased 2% y-o-y and were flat q-o-q, resulting in a cost-to-income (C/I) ratio excluding/including one-off Citi integration costs of 41.9%/44.6% (4Q23: 43.2%/46.8%), respectively.
Non-interest income increased from the previous quarter.
- Read this at SGinvestors.io -
Other non-interest income of S$581mil (+3% y-o-y, +32% q-o-q) was driven by record customer-related treasury income from increased retail bond sales and strong hedging demand, and robust performance in trading and liquidity management.
Trading and investment income increased significantly to S$521mil (+10% y-o-y, +44% q-o-q) from the previous quarter.
Customer-related treasury income of S$219mil (+8% y-o-y,+19% q-o-q) reached a new record high while other trading and investment income of S$303mil (+11% y-o-y, +70% q-o-q) continued to deliver good performance.
Lower credit cost of 23bps; NPL stable at 1.5%.
Read more at SGinvestors.io.
Above is an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
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 🎟 !
