- 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.
- UOB's CET1 ratio improved to 13.9% (4Q23: 13.4%).
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 the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Rui Wen LIM DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-05-08
Read also DBS's most recent report:
2024-11-08 UOB - Look Towards Active Capital Management Plans.
Previous report by DBS:
2024-08-02 UOB - Robust NIM Improvement.
Price targets by 4 other brokers at UOB Target Prices.
Listing of research reports at UOB Analyst Reports.
Relevant links:
UOB Share Price History,
UOB Announcements,
UOB Dividends & Corporate Actions,
UOB News Articles
