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Equity Bottom-Up

In line with banks in the region and globally, narrow-moat rated Oversea-Chinese Banking Corp, or OCBC, and United Overseas Bank, or UOB, reported weaker fourth-quarter results, mainly driven by lower trading income and weaker fee and commission income. The lower fee and commission income were attributable to the wealth management division as investors stayed on the side lines in the quarter while loan-related fees also declined. Net profit for UOB fell 12% quarter on quarter while…

Contrary to the cautious second-half guidance given at the first-half result, narrow-moat-rated United Overseas Bank posted a reasonable third-quarter result as stronger loan growth underpinned net interest income growth. The bank has prudently increased its Singapore dollar deposit base on concerns over tighter liquidity going forward. This has come at the cost of 2 basis points decline in net interest margin to 1.81%, as an increase in customer deposits rates outpaced asset yields. Management…

Narrow-moat-rated United Overseas Bank, or UOB, posted a solid second-quarter result but provided generally cautious guidance for the remainder of the year. Net interest income growth was strong, while softer fees and commission against last quarter were expected, as weaker capital market conditions resulted in lower wealth management income.
Analyst: Michael Wu, CAIA

Similar to peer DBS Group, narrow-moat United Oversea Bank, or UOB, reported a strong first-quarter fiscal 2018. A strong quarter was expected for the banks, as economic conditions are improving and the higher U.S. interest rate is finally translating into a sustainable increase in interbank rates. With the pro forma common equity Tier 1 ratio improving by 20 basis points to 14.9%, risk-weighted assets tracking in line with total asset growth, and a lower-than-expected special dividend at the…

Stronger net interest income, or NII, and fee and commission income underpinned United Overseas Bank's, or UOB's, fourth quarter, with net profit increasing 8% on the same period last year to SGD 855 million. This was lower compared with the third quarter but mainly due to the seasonally higher operating expense in the fourth quarter. Full-year net profit of SGD 3.39 billion was largely in line with our SGD 3.33 billion forecast, with higher NII and fee income offset by greater than expected…

Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

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