- United Overseas Bank (UOB) posted better-than-expected 3Q24 earnings. Core net profit before Citi integration costs grew 10% q-o-q and +11% y-o-y to S$1.6b. This was well-supported by an increase in fee income to a new high of S$630m, +2% q-o-q or +7% y-o-y. Net Interest Margin (NIM) held steady q-o-q at 2.05%. Loans also grew 2% q-o-q to S$5b.
- - Read this at SGinvestors.io -
- For the 9-month period, UOB's core net profit improved 3% y-o-y to S$4.69b, with double-digit improvements from fee income and other income.
Wealth & credit card showed good improvements
- - Read this at SGinvestors.io -
Dividend yield at 5.3% will provide support for share price.
- Based on UOB's interim dividend of S$0.88 per share and annualising this, dividend yield is 5.3% (using yesterday’s closing UOB's share price of S$33.30). This is better than the Singapore 6-month T-bill cut-off yield of 3.04% (based on the 7 Nov 2024 auction) and ahead of most Singapore blue chips average dividend yield of 4.8%.
All-time high share price supported by attractive dividend yield
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
Carmen Lee OCBC Investment Research | https://www.iocbc.com/ 2024-11-08
Previous report by OCBC:
2024-09-24 UOB - Share Price Hit New High.
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
