United Overseas Bank - RHB Research 2025-04-02: Humming Along Nicely; Keep BUY

• Post a recent meeting with UOB, we sensed that management remains comfortable with its FY25 guidance. This is despite the continued drops in benchmark rates year-to-date, which UOB thinks can be cushioned by better loan volume, wealth management activities, and deposit repricing, and strong CASA traction.
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Falling benchmark rate helps spur mortgage demand...

• While the 3-month compounded Singapore Overnight Rate Average (SORA) is down ~51bps year-to-date and puts pressure on NIM, UOB appears optimistic that stronger volume growth should help protect NII. Recall: Management guided for high FY25 single-digit loan growth on mortgages for retail and trade for non-retail. So far, the SORA fall has spurred mortgage demand and refinancing activities.
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…and shift to wealth products.

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Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Previous report by RHB:
2025-02-20 UOB - Boosting Capital Returns To Shareholders; BUY.

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 Dividend Payout Dates & Corporate Actions,
UOB News