- UOB's 3Q24 adjusted earnings of S$1,639mil were slightly above our estimates from a jump in trading and investment income, and higher fee income. 9M24 adjusted PATMI was 76% of our FY24e forecast.
- - Read this at SGinvestors.io -
- UOB has maintained their FY24e guidance for double-digit fee income growth and low-single digit loans growth with NIM to hold above 2%, while providing FY25e guidance for “higher total income” from high single-digit loan growth and double-digit fee growth. We expect double-digit trading income growth in 4Q24 from higher volatility surrounding the US elections.
- - Read this at SGinvestors.io -
The Positives
Trading income boost earnings.
- Higher trading and liquidity management activities boosted trading and investment income (+131% y-o-y), while customer-related treasury income (+36% y-o-y) reached an all-time high from increased bond sales and hedging demands and makes up 38% of trading and investment income (3Q23: 51%).
- Resultantly, other non-interest income surged 71% y-o-y.
Fee income supported by WM.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Glenn Thum Phillip Securities Research | http://www.poems.com.sg/ 2024-11-11
Previous report by Phillip:
2024-08-19 UOB - ROE To Sustain At 14%.
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
