UOB 1Q26 - DBS Research 2026-05-07: A Mixed Quarter; Too Early To Call On Dividends/ Capital Return Plan

• Given UOB's lower loan growth assumptions and higher than expected rate of capital accretion going forward, there are renewed optimism on further dividends/ capital return plan. UOB has utilised 35% of its S$2bn share buybacks programme thus far.
• - Read this at SGinvestors.io -

Keeping watch on asset quality; MEV adjustments may come in subsequent quarters.

• We remain watchful of asset quality risks in an environment of slower global growth amidst concerns of impact from Iran war, on top of UOB’s commercial real estate (CRE) exposures.
• - Read this at SGinvestors.io -
• New NPA formation has slowed to S$341m in 1Q26 on the back of Greater China CRE new NPL, from 3Q25/4Q25's S$838mil/S$599mil respectively. During 3Q25, UOB had taken a further S$1.4bn in provisions, of which S$615m pertained to general provisions top-up.

Takeaways from 1Q26 briefings

Doubling wealth income by 2030 (from 2025 base).

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2026-02-25 UOB - 4Q25 Misses; 4% Dividend Yield Lowest Across Peers.

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