UOB - Maybank Research 2025-05-07: Operating In Uncertainty; Limited Growth Visibility.

• Strong balance sheet – UOB’s 1Q25 earnings were ahead of MIBG and in-line with Street. Operating metrics were good, but may not be reflective of what is to come given a backdrop of extremely unpredictable US policy.
• - Read this at SGinvestors.io -

1Q25 metrics fine, but backward looking

• NIMs held flat q-o-q at 2.0% despite fast falling domestic rates. UOB is managing liquidity well (55% CASA/deposits vs 51% in 1Q24).
• Loans expanded +6% y-o-y – the fastest since 2021. However, 10% of loans are for trade, and another 10% are SMEs. These sectors may see direct disruptions as Liberation Day uncertainty bites going forward.
• - Read this at SGinvestors.io -
• We take account of higher than expected trading income and lower opex, and adjust 2025-27E EPS by 6-7%.

Strong balance sheet and liquidity

• Read more at SGinvestors.io.

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

Read also Maybank's most recent report:
2026-02-24 UOB - Limited Capital Returns Upside Near Term.

Previous report by Maybank:
2025-11-06 UOB - Low Visibility, High Provisions, Falling Dividends Limit Catalysts.

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