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The UOB Group (" Group" ) recorded net earnings of $788 million for the first quarter of 2014 (" 1Q14" ), an increase of 9.2 per cent over the first quarter of 2013 (" 1Q13" ) and 2.0 per cent higher than the fourth quarter of 2013 (" 4Q13" ). Overseas profit before tax contribution for 1Q14 was 46.2 per cent and this was higher than the comparative quarters.
The Group' s loans grew 12.7 per cent year-on-year and 3.6 per cent over 4Q13 to $189 billion with growth observed across all regions. Asset quality continued to be strong with the non-performing loan (" NPL" ) ratio of 1.1 per cent stabilising from 4Q13 and compared favourably with 1.3 per cent a year ago. The Group' s liquidity and funding positions remained sound, supported by steady growth in customer deposits.
First quarter 2014 earnings
Compared with 1Q13, the Group' s net earnings rose 9.2 per cent to $788 million in 1Q14. The increase was driven by strong net interest income, coupled with lower taxes from the write-back of prior years' income tax.
Total income increased 4.8 per cent year-on-year to $1.75 billion, supported by solid net interest income growth of 15.2 per cent to $1.11 billion. Net interest margin improved 3 basis points to 1.73 per cent in 1Q14.
Fee and commission income for 1Q14 was $414 million, 8.6 per cent lower than a year ago. The decline came mainly from lower loan processing fees and fund management fees. However, the decline was partly offset by higher wealth management distribution fees.
Trading and investment income was 5.5 per cent lower at $149 million, attributable mainly to lower gains from the sale of securities.
The Group' s operating expenses grew 8.6 per cent to $755 million in 1Q14, driven largely by staff and business-related expenses.
Consequently, the Group' s expense-to-income ratio increased from 41.6 per cent in 1Q13 to 43.1 per cent in 1Q14.
Total impairment charges increased 20.5 per cent to $157 million as collective impairment charges were set aside in line with loan growth while individual impairment charges declined 16.7 per cent to $32.8 million in 1Q14. The Group' s total loan charge off rate was relatively stable at 32 basis points.
Compared with 4Q13, net earnings recorded a 2.0 per cent increase to reach $788 million.
Total income rose 0.6 per cent in the quarter to $1.75 billion in 1Q14, led mainly by a 1.3 per cent increase in net interest income on loan growth with net interest margin flat at 1.73 per cent. Trading and investment income increased 3.5 per cent to $149 million mainly from higher customer demand for treasury products. Fee and commission income declined 4.8 per cent to S$414 million for 1Q14 due to lower loan processing fees, credit card income and fund management fees but was offset by higher wealth management distribution fees.
Total expenses declined marginally by 0.9 per cent to $755 million.
Total impairment charges rose 13.4 per cent to $157 million as collective impairment was made in line with loan growth while individual impairment decreased 62.9 per cent to $32.8 million.
Strong balance sheet and capital position
Gross customer loans rose 12.7 per cent year-on-year and 3.6 per cent from 4Q13 to $189 billion as at 31 March 2014. The strong loan growth was broad-based across territories and industries.
The Group continued to strengthen its liquidity and funding capabilities. Customer deposits grew 9.7 per cent year-on-year and 1.0 per cent over 4Q13 to $217 billion as at 31 March 2014 on higher deposits from current and savings accounts. The Group' s loan-to-deposit ratio as at 31 March 2014 stood at 85.5 per cent.
In addition, the Group diversified its funding pool through a combination of subordinated note and US dollar commercial paper issuances. During the quarter, a US$800 million 3.75 per cent fixed rate subordinated note was issued under the Euro Medium Term Note Programme.
Asset quality remained strong. NPL decreased 7.2 per cent over a year ago to $2.08 billion, while NPL ratio improved from 1.3 per cent to 1.1 per cent in 1Q14 but was little changed as compared with 4Q13.
The Group' s CET1, Tier 1 and Total capital adequacy ratios as at 31 March 2014 were well above the regulatory minimum requirements at 14.0 per cent, 14.0 per cent and 17.7 per cent respectively. The capital ratios improved quarter-on-quarter mainly on higher retained earnings, coupled with lower risk-weighted assets. Compared with 31 March 2013, the capital ratios were lower as risk-weighted assets increased as a result of asset growth.
Mr Wee Ee Cheong, the UOB Group' s Deputy Chairman and Chief Executive Officer, said: " The Group has made a positive start to 2014 with another quarter of record profits. Net interest income continued its uptrend, fuelled by steady growth in loans across all markets and customer segments. The results reinforce our ongoing efforts to strengthen our regional platform, broaden product capabilities and enhance our customer franchise.
" We continue to monitor developments in key regional markets as they adjust to gradual QE tapering in the US and as Asian economic conditions moderate. On the capital front, we remain proactive, issuing Southeast Asia' s first US dollar Basel III Tier 2 bond in March, following our successful Basel III Additional Tier 1 capital issuances last year. Our robust balance sheet and disciplined approach to growth position us well to drive long-term sustainable value for shareholders as we seize regional wholesale and wealth management opportunities."
Spoke too soon. Stock' s down from 22.60+ to 21.20+ now after XD! Is the sell off justifiable? For $0.55 dividend, stock is down $0.90 today...thinking if picking up after earning result... :) Any other thoughts?
everknight ( Date: 25-Apr-2014 01:28) Posted:
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Giving further insights on the group&rsquo s strategy during its AGM yesterday, UOB&rsquo s CEO Mr Wee Ee Cheong, guided that the bank&rsquo s key focus will still be on organic growth, although the bank would be on the prowl for attractive acquisition targets. Yet, Mr Wee stressed that any acquisition must be the right price and fit, suggesting the bank&rsquo s unwillingness to &lsquo overpay&rsquo , while separately highlighting that UOB still has much leeway to grow organically given that its market share in markets they are present in remains relatively small. In regards to what could be a right fit for the bank, Mr Wee guided that the bank&rsquo s strength and focus remains Asean centric and would like to see if UOB could extend its whole footprint in the region, adding that while China and greater China presents new areas of opportunity, UOB&rsquo s dominance still lies in its own backyard. UOB expects a moderate environment for 2014, plagued by volatile markets on expectations of the Fed tapering. Yet, the bank guides that its overall risks are manageable due to stronger balance sheets in Asia.
This stock think still got legs! Hope it goes further up to surpass 2007 high of $24.20! Not an impossible feat...
Wah...not much UOB supporters here leh...
Anyway...disappointing day for UOB today. Hoping it' s just a minor correction. Still hoping it' ll break it' s 2007 high this time around.
http://www.straitstimes.com/news/bus...apore-20140421
United Overseas Bank (UOB) has been named the best retail bank in Asia Pacific and Singapore, according to trade publication The Asian Banker.
The local bank was awarded the titles at the magazine' s Excellence in Retail Financial Services Awards 2014.
UOB is also the first local bank to have won the regional award, pointed out The Asian Banker.
Banks in the region were reviewed by a panel, which looked at their financial performance, long-term growth and risk management capabilities. Factors such as the bank' s market share, operational processes and technology, as well as the efficiency of its distribution channels and sales capabilities were considered in making its decision.
- See more at: http://www.straitstimes.com/news/bus....zjbrBcov.dpuf
United Overseas Bank (UOB) has been named the best retail bank in Asia Pacific and Singapore, according to trade publication The Asian Banker.
The local bank was awarded the titles at the magazine' s Excellence in Retail Financial Services Awards 2014.
UOB is also the first local bank to have won the regional award, pointed out The Asian Banker.
Banks in the region were reviewed by a panel, which looked at their financial performance, long-term growth and risk management capabilities. Factors such as the bank' s market share, operational processes and technology, as well as the efficiency of its distribution channels and sales capabilities were considered in making its decision.
- See more at: http://www.straitstimes.com/news/bus....zjbrBcov.dpuf
What' s with the rise of UOB today? I cannot find any news...only this one: http://sbr.com.sg/financial-services/news/uobs-1q14-profit-drop-6-724m
UOB hits a high, beats other bank stocks
UNITED Overseas Bank (UOB) has become the best performing local bank stock, rising on Tuesday to a multi-year high of S$22.23 as it has become a safe bet given its low exposure to China.
The stock has since eased, and was last done at S$21.98 at 3.32 pm Thursday.
The stock' s all-time high was S$24.20 on June 1, 2007.
Year to date, UOB is up 3.58 per cent, while DBS Group Holdings is down 1.4 per cent. OCBC Bank is the worst performer of the three Singapore banks, down 5.49 per cent.
2222:)
Octavia ( Date: 08-Apr-2014 12:00) Posted:
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United Overseas Bank ST: the upside prevails.
Trading Central | 2014-04-08 02:45:00
Long positions above 19.8 with targets @ 22 & 22.85 in extension.
Pivot: 19.8
Our preference: Long positions above 19.8 with targets @ 22 & 22.85 in extension.
Alternative scenario: Below 19.8 look for further downside with 19.3 & 18.6 as targets.
Comment: The RSI is bullish and calls for further upside.
Supports and resistances:
23.4
22.85
22
21.68 Last
19.8
19.3
18.6
Copyright 1999 - 2014 TRADING CENTRAL
UOB is reversing!
http://mystocksinvesting.com/singapore-stocks/uob-bank/uob-bank-euphoria-is-over/
Octavia ( Date: 01-Apr-2014 12:43) Posted:
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better than ocbc :)
Octavia ( Date: 16-Feb-2014 17:40) Posted:
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Last week on 26 Mar, trading central stated that recent strength on the short-term uptrend hasn' t shown any weakness with ADX still on the rise. Since then, the counter has continued its strength, extending RSI and Stochastics into the overbought region. Going forward, counter may see a slowdown on the extended RSI and Stochastics. Near term support at $21.40 followed by $20.00, while resistance levels are at $21.80 followed by $22.00.
think so...they been buying and div at 0.55 xd 26 april
so there is still potential to go higher?
ytoh1688 ( Date: 28-Mar-2014 14:24) Posted:
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Goldman is still buying at 21.45
UOB breakout!
Near term support at $$20.65 (200MA) followed by $20.45 (20MA & 60 MA), while resistance levels are at $21.80 followed by $22.00.
goldman is buying UOB
UOB may be reversing soon!
http://mystocksinvesting.com/singapore-stocks/uob-bank/uob-bank-time-to-buy/