UOB Q2 profit up 27% to $1.4 billion; dividend of 85 cents declared

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UOB Q2 profit up 27% to $1.4 billion; dividend of 85 cents declared

The Straits Times2023-07-27

SINGAPORE – UOB’s earnings in the second quarter continued to get a lift from high interest rates and was also buoyed by a rebound in income from customer-related treasury, trading and liquidity ...

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dividend of 85 cents declared</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; 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This represents a payout ratio of approximately 49 per cent, higher than the 42 per cent rate for the same period last year.\n\n\n\nThe net profit of Singapore’s third-largest bank rose 27 per cent to $1.42 billion, from $1.11 billion in the same period last year. \nUOB’s earnings were in line with the $1.43 billion forecast by analysts in a Refinitiv poll.\nIt included one-off expenses related to its acquisition of Citigroup’s Malaysia, Thailand and Vietnam consumer banking business.\n\n\n\n\nExcluding these expenses, core net profit came in at $1.51 billion, representing a 35 per cent increase from the same period last year.\n\nUOB chief executive officer Wee Ee Cheong said the bank expects the Asean region to stay relatively resilient, adding: “Growth will be supported by a more moderate interest rate environment in this region and a pick-up in tourism and demand for service.\n“Our Citigroup acquisition is progressing well. Our strengthened market position and customer base open up more opportunities for global partnerships and enhanced offerings for our customers.” \nUOB’s second-quarter interest income rose 31 per cent year on year, led by a 45 basis point expansion in net interest margin – a key gauge of a lender’s profitability.\nHowever, loan-related and wealth management fees were softer compared with a year ago as investor sentiments remained subdued. These declines were partly offset by an increase in card fees.\nOther non-interest income more than doubled to $581 million, from $273 million a year ago, on higher customer-related treasury income and strong performance from trading and liquidity management activities in the second quarter.\nMeanwhile, the bank saw higher credit costs on loans as it made more pre-emptive provisions, with total allowances rising to $365 million. \nIt said: “Outside of a specific exposure, credit costs remained stable. The group continues to maintain healthy provision buffers to cushion against uncertainties.” \nAsset quality remained stable with its non-performing loan ratio improving to 1.6 per cent, down from 1.7 per cent a year ago. \nUOB’s results kick off earnings season for local lenders. DBS will report its numbers on Aug 3, and OCBC on Aug 4. \n\n\n\n\n\nMore On This Topic\n\n \n\nSingapore banks’ Q2 performance to be weighed down by higher costs, weaker loans: Analysts \n\n\n\n \n\nHigher deposit caps for digital banks not likely to impact DBS, OCBC and UOB: Fitch Ratings","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}