$UOB(U11.SG)Disappointing quarter for UOB, with earnings missing expectations despite a 182% YoY profit rebound. The hea…
$UOB(U11.SG)
Disappointing quarter for UOB, with earnings missing expectations despite a 182% YoY profit rebound. The headline growth was flattered by lower provisions, while net interest margins continued to compress and trading and investment income fell 29%. The outlook is also less encouraging, with funding cost pressures likely to weigh on margins. That said, record fee income from wealth and cards offers some positives. I’m treating this as a long-term investment and would look to add on further weakness.
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