- Post meeting with UOB (SGX:U11)’s management, we think UOB's 2Q24 PATMI could ease q-o-q if trading & investment (T&I) income normalises from 1Q24’s high level. See earnings calendar for UOB's earnings release date.
- - Read this at SGinvestors.io -
2Q key trends likely mixed.
- - Read this at SGinvestors.io -
- We understand that the reduction in deposit rates have not had a major impact on UOB’s deposit market share so far and, for now, no decision has been made on whether to undertake another round of rate cuts.
- As for non-II, we expect fee income to remain healthy but believe the normalisation of T&I income will dampen overall operating income. 1Q24 T&I income was S$522m and, based on the guided run rate of S$350-400m/quarter, non-II and operating income growth may soften ahead.
- Lastly, asset quality continues to hold up and UOB has not noted any adverse developments.
Integration of Citi Thailand
- Read more at SGinvestors.io.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-07-23
Read also RHB's most recent report:
2024-08-22 UOB - Aiming To Sustain ROEs Through A Rate Cut Cycle.
Price targets by 3 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
