United Overseas Bank - Phillip Securities 2024-11-11: Other Non-interest Income Boost 3Q24 Earnings

United Overseas Bank - Other Non-interest Income Boost 3Q24 Earnings

Published:
UOB (SGX:U11) | SGinvestors.io
  • 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





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