UOB - OCBC Group Research 2026-05-07: Wealth Is The Way…

• UOB (SGX:U11) delivered 1Q26 net profit of S$1,437m, better than Bloomberg consensus estimate of S$1,400m. As anticipated, net interest margin (NIM) came off from 2.00% in 1Q25 and 1.84% in 4Q25 to 1.82% in 1Q26. This led to a slight moderation in its net interest income, down 4% y-o-y and 1% q-o-q.
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Allowances have stabilised.

• UOB took a S$1,361m allowance charge in 3Q25, which then impacted its FY25 performance as well as its share price. Since then, allowances have eased back to more normalised levels.
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• Management also shared that UOB has limited exposure to the Middle East.

NIM guidance of 1.75% to 1.80%.

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

Previous report by OCBC:
2026-02-24 UOB - Adopt A Long-term Investment Stance.

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