- UOB (SGX:U11)'s 2Q24 revenue came in at S$3,476mil (-2% y-o-y, -1% q-o-q) and net profit is S$1,425mil (+1% y-o-y, -4% q-o-q). Core net profit after tax, excluding Citi integration costs (net of tax) of S$64mil, would be S$1,489mil (-1% y-o-y, -5% q-o-q).
2Q24 results largely in line
- - Read this at SGinvestors.io -
- Operating costs remained flat y-o-y and decreased 2% q-o-q, resulting in a cost-to-income (C/I) ratio excluding/including one-off Citi integration costs of 41.8%/44.1% (1Q24: 41.9%/44.6%), respectively.
- UOB's CET1 ratio improved to 13.4% (4Q23: 13.9%).
Non-interest income decreased from the previous quarter.
- - Read this at SGinvestors.io -
- Other non-interest income of S$457mil (-21% y-o-y, -21% q-o-q) was impacted as trading and investment income of S$400mil (-21% y-o-y, -24% q-o-q) normalised from 1Q24's exceptional high.
- Customer-related treasury income of S$216mil (+19% y-o-y,-1% q-o-q) sustained momentum while other trading and investment income of S$183mil (-43% y-o-y, -41% q-o-q) eased from the all-time high last quarter.
Higher credit cost of 24bps; 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/ 2024-08-02
Previous report by DBS:
2024-05-08 UOB - NIM Has Stabilised.
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
