UOB posted 2Q19 net earnings this morning of S$1.17b, up 8% YoY and 11% QoQ. This is above market expectation of S$1.01b.
Net Interest Income rose 7% YoY and 4% QoQ to S$1.65b, while Noninterest Income rose 16% YoY and 13% QoQ to S$0.93b. Allowances fell from S$90m in 2Q18 and S$93m in 1Q19 to S$51m in 2Q19. Net Interest Margin (NIM) improved from 1.79% in 1Q19 to 1.81% in 2Q19, but this was still slightly below 1.83% seen in 2Q18.
Management has declared an interim dividend of 55 cents (up from 50 cents in 2Q18). The ex-date is 15 Aug 2019. The dividend will be paid on 27 Aug 2019.
Looking ahead, the group intends to build on its capabilities and regional connectivity to grow its business including more customer engagement platforms and tapping on intra-regional flows.
Source: OCBC Research - 2 Aug 2019
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Created by kimeng | Dec 29, 2022
Created by kimeng | Dec 29, 2022