To The Moon

⬇ $UOB(U11.SI)$ - UOB results are out just out, they do not look good, with worsening loan growth, sharply higher credit costs, meaningful divergence in recoveries and new NPAs. Citi integration costs are substantial. Continue reading on Smartkarma:- https://www.smartkarma.com/insights/uob-net-profit-down-1-5-yoy-credit-costs-126-yoy-citi-costs-5-of-profit-expect-worsening?utm_source=tiger_community By Daniel Tabbush, Insight Provider on Smartkarma:- https://www.smartkarma.com/profiles/daniel-tabbush?utm_source=tiger_community On UOB (U11.SI):- https://www.smartkarma.com/entities/united-overseas-bank-ltd?utm_source=tiger_community

$UNITED OVERSEAS BANK LIMITED(U11.SI)$ United Overseas Bank (UOB) has reported a core net profit of $1.48 billion for the 3QFY2023 ended Sept 30, 5% higher y-o-y but 2% lower on a q-o-q basis. The higher y-o-y earnings was due to strong income growth from higher net fee income and net interest income (NII) This brings the bank’s 9MFY2023 core net profit to $4.56 billion, 33% higher y-o-y. Including the one-off integration expenses, UOB’s net profit stood at $1.38 billion for the 3QFY2023 and at $4.31 billion for the 9MFY2023. For the 3QFY2023, the bank attributed its better y-o-y performance to its diversified growth drivers across its wholesale and retail businesses. During the quarter, UOB’s net interest income r