UOB
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UOB Results Announcement
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one of the reasons why i like UOB is becuase of Wee Cho Yaw. Business savy and even street smart i would say, expanding the business through the years. Not the typical study MBA , corporate talking CEO. I like successful home-grown family business...an inspiration :)
ANNOUNCEMENT
Wee Cho Yaw to relinquish position as Chairman at 2013 AGM and stays on as
Director & Chairman Emeritus
Hsieh Fu Hua to succeed as Non-Executive Chairman
Singapore, 7 August 2012 - Dr Wee Cho Yaw will relinquish his position as Chairman of
the Bank at its next Annual General Meeting (AGM) in April 2013 and continue as a
Director of the Bank. Dr Wee will be succeeded by Mr Hsieh Fu Hua as Non-Executive
Chairman.
In recognition of the exceptional contributions by Dr Wee to UOB, he will be bestowed the
title of Chairman Emeritus at the conclusion of the next AGM. He will act as advisor and
provide guidance on the growth of the UOB Group.
Dr Wee said, “Ee Cheong has built up a strong management team since his appointment
as CEO in 2007. In the interest of UOB and its shareholders, we must now effect a
smooth transition at the Board level.
“But, as I have often said, UOB is in my blood. I will continue to help oversee and provide
guidance on the future growth of the Group.”
Mr Hsieh Fu Hua said, “Chairman Wee is an outstanding banker and has dedicated his
life to the Bank started by his father. I am glad that he will continue to serve as Director
and Chairman Emeritus.”
Dr Wee joined the UOB Board in 1958 and was appointed Managing Director of the onebranch bank in 1960. He was appointed UOB Chairman & CEO in 1974. In 2007
Mr Wee Ee Cheong was appointed UOB’s CEO, while Dr Wee Cho Yaw remained as
Chairman of the Board.
Mr Hsieh was previously chief executive officer and director of the Singapore Exchange
(2003-2009) and a board member of Government of Singapore Investment Corporation
(2003-2010) and Temasek Holdings (2010-2012).
Mrs Vivien Chan
Company Secretary
Singapore's UOB Q2 profit rises 12 pct, beats forecast
SINGAPORE, Aug 7 (Reuters) - United Overseas Bank, the smallest of Singapore's three big banking groups, posted a 12 percent rise in second quarter net profit on Tuesday, helped by strong fee and commission income.UOB earned S$713 million ($574.77 million) in the three months ended in June, up from S$636 million a year earlier. The results beat the S$622 million average estimate of six analysts polled by Thomson Reuters.
The Singapore bank reported net customer loans growth of 14.3 percent from a year earlier.
Fee and commission income in April-June hit a new quarterly high of S$386 million, driven by strong loans processing and corporate finance activities, UOB said.
UOB's rivals DBS Group and Oversea-Chinese Banking Corp last week reported better-than-expected earnings but warned of pressure on interest margins amid a regional slowdown as Asia feels the chills from Europe and North America. ($1 = 1.2405 Singapore dollars) (Reporting by Kevin Lim)
ANNOUNCEMENT OF FIRST HALF/SECOND QUARTER OF 2012 * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT
07-Aug-2012 17:31:20
http://info.sgx.com/webcorannc.nsf/AnnouncementToday/8F0AA1B27781C06E48257A4E00130A00?opendocument
UOB’s 1Q profit rises 12% to $688m on higher loans, fees | WRITTEN BY REUTERS |
| WEDNESDAY, 09 MAY 2012 18:27 |
United Overseas Bank, the smallest of Singapore’s three banking groups, posted a 12% rise in first quarter net profit on Wednesday, helped by higher loans and fee income.
UOB earned $688 million in the three months ended in March, up from $612 million a year earlier. The results beat the $632 million average estimate of seven analysts polled by Reuters.
“Our first quarter results show we have started the year on the right foot. We are executing to plan and we are harnessing our regional footprint and expertise to pursue growth opportunities that are right for our business,” Deputy Chairman and Chief Executive Officer Wee Ee Cheong said in a statement.
UOB said the improvement in first quarter earnings was underpinned by higher contributions from all core businesses.
“Net interest margin continued to improve, reaching 1.98%,” it said.
UOB shares have risen about 20% so far this year, double the 10% gain in the benchmark Straits Times Index.
Find out more from here
http://mediasuite.multicastmedia.com/player.php?v=t0sa669h
wendytan93 ( Date: 11-Nov-2011 23:11) Posted:
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shall I buy UOB ? If yes at what price ? |
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They're still making so much money... lol...
wendytan93 ( Date: 12-Nov-2011 12:53) Posted:
I think UOB are health.
In 9M11 report non interest income decrease due to
1.Trading income and asset for sales decrease P.10.
2. Staff cost increase for 15% ,P 11, Hire 1,836 more staff
In page5 revalue NAV is $14.63. May be this is good price to buy ?
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I think UOB are health.
In 9M11 report non interest income decrease due to
1.Trading income and asset for sales decrease P.10.
2. Staff cost increase for 15% ,P 11, Hire 1,836 more staff
In page5 revalue NAV is $14.63. May be this is good price to buy ?
shall I buy UOB ? If yes at what price ?
Business Times - 02 Nov 2011
UOB Q3 net profit falls worse-than-expected 24%
SINGAPORE - Singapore's United Overseas Bank Ltd posted on Wednesday a worse-than-expected 24 per cent fall in third quarter net profit as trading income fell and the bank booked losses on its investment holdings.
UOB, the smallest of Singapore's three local banks by assets, earned S$522 million (US$408 million) in the three months ended September, down from S$688 million a year ago.
Its results were well below the S$597 million average estimate of four analysts polled by Reuters.
UOB said net interest income rose 0.2 per cent quarter-on-quarter and 3.6 per cent year-on-year to S$915 million as the expansion in loan volume more than compensated for the drop in net interest margin.
But trading and investment income in the third quarter fell 67 per cent from a year ago to S$56 million.
Looking ahead, UOB CEO Wee Ee Cheong said the outlook was unclear due to uncertainty over how the Eurozone debt crisis will pan out, although he was confident the bank could weather the uncertainties ahead.
'Developments over the next few months will determine if Asia goes through another financial shock, or a moderate economic slowdown.'
Singapore's largest bank DBS earlier on Wednesday posted a better-than-expected 6 per cent rise in quarterly net profit to S$762 million as strong loans growth helped offset a fall in interest margins.
Oversea-Chinese Banking Corp will report earnings on Thursday before the market opens. -- REUTERS |
Agree that euro crisis is coming. Always be wary of brokerage's upgrades as it signals BBs may be selling soon (if not already).
euro crisis coming better be caution.
krisluke ( Date: 24-May-2011 11:28) Posted:
SINGAPORE, May 24 (Reuters) - Credit Suisse has upgraded Singapore's United Overseas Bank
to outperform from neutral and raised its target price for to S$25.00
from S$22.50.
STATEMENT: Credit Suisse has raised its
earnings per share estimates for UOB from 2011-2013 by 5-7 percent due
to higher loan growth, fee income and an improvement in net interest
margins in the second half of 2011.
" UOB is set to show the best
loan growth in 2011 with a significant lead over DBS and OCBC
already in the first quarter. Banks expect overseas loan growth to be
the main driver in 2011, with UOB seeing the highest overseas loan
growth," said Credit Suisse in a report. The brokerage also added
that UOB is its new sector top pick, given its attractive
return-on-equity of 13.7 percent versus 11.2 percent for DBS and 12.8 percent for Oversea Chinese Banking Corp .
At 0148 GMT, shares of UOB were 0.53 percent higher at S$19.14,
and have gained 5.2 percent since the start of the year.
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SINGAPORE, May 24 (Reuters) - Credit Suisse has upgraded Singapore's United Overseas Bank
to outperform from neutral and raised its target price for to S$25.00
from S$22.50.
STATEMENT: Credit Suisse has raised its
earnings per share estimates for UOB from 2011-2013 by 5-7 percent due
to higher loan growth, fee income and an improvement in net interest
margins in the second half of 2011.
" UOB is set to show the best
loan growth in 2011 with a significant lead over DBS and OCBC
already in the first quarter. Banks expect overseas loan growth to be
the main driver in 2011, with UOB seeing the highest overseas loan
growth," said Credit Suisse in a report. The brokerage also added
that UOB is its new sector top pick, given its attractive
return-on-equity of 13.7 percent versus 11.2 percent for DBS and 12.8 percent for Oversea Chinese Banking Corp .
At 0148 GMT, shares of UOB were 0.53 percent higher at S$19.14,
and have gained 5.2 percent since the start of the year.
it almost make it to 20 bucks...
krisluke ( Date: 06-May-2011 23:51) Posted:
UOB Q1 net profit down 13 pct interest margins stabilise
SINGAPORE, May 6 (Reuters) - United Overseas Bank , Southeast Asia's third largest lender, posted a 13 percent fall in first quarter net profit due to low interest rate margins and one-off gains in the year-ago period, but it said its core markets remained buoyant.
Singapore banks have seen strong loans growth over the past year, helped by robust economic growth in the city-state and across Asia. But this has not translated into higher earnings due to interest rates hovering near all-time lows.
Interest rate margins have begun to bottom, however, with UOB reporting a 0.8 percent rise in net interest income in January-March from the preceding three months ago after four consecutive quarters of decline.
" Most Asian economies are in a tightening cycle, Singapore included. The offshoot of this is that the operating environment would be more beneficial for banks as rates go up," said Tey Tze Ming, a market strategist at Saxo Capital Markets.
UOB earned S$612 million ($493.2 million) in the three months ended March, down from S$700 million in the year-earlier period.
After stripping off one-off items, UOB's core earnings rose 11 percent from the last quarter but declined 1 percent from a year ago.
Its results were slightly below the average estimate of S$625 million of six analysts polled by Reuters, and lagged the S$807 million in quarterly net profit posted by rival DBS Group last week. [ID:nL3E7FQ1BP] [ID:nL3E7FS0ZF]
UOB's net interest income fell 3.2 percent from a year ago to S$871 million despite a 20 percent rise in customer loans to S$120.2 billion, while fees and commission income rose 16 percent to S$330 million.
The bank's net interest margin -- the difference between the interest rate the bank charges and what it pays depositors -- declined slightly to 1.90 percentage points compared with 1.91 in the fourth quarter and 2.25 a year ago.
" Whilst the global economy continues to grapple with various shocks, our core markets remain buoyant, reflecting the strong regional economic fundamentals and rising affluence in Asia," UOB CEO Wee Ee Cheong said in a statement, adding the bank was pleased with the increase in loans and fee growth.
MARGINS TO GROW
UOB's management had previously flagged it hopes to grow loans by aound 15 percent this year and that net interest margins should begin rising in the second half, Deutsche Bank said in a note last week.
According to data from the Monetary Authority of Singapore, the three-month interbank bank has been hovering around 0.44 percent since October last year, down from 0.69 percent at the start of January 2010.
UOB shares have risen about 4 percent so far this year, bucking the 3 percent fall in Singapore's blue chip Straits Times Index .
Shares of DBS, the city-state's biggest bank, have risen around 2 percent since the start of the year, while those of Overseas Chinese Banking Corp , the second-largest, have fallen around 7 percent.
OCBC will announce its first quarter earnings next week. ($1 = 1.241 Singapore Dollars) (Reporting by Kevin Lim additional reporting by Eveline Danubrata)
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UOB Q1 net profit down 13 pct interest margins stabilise
SINGAPORE, May 6 (Reuters) - United Overseas Bank , Southeast Asia's third largest lender, posted a 13 percent fall in first quarter net profit due to low interest rate margins and one-off gains in the year-ago period, but it said its core markets remained buoyant.
Singapore banks have seen strong loans growth over the past year, helped by robust economic growth in the city-state and across Asia. But this has not translated into higher earnings due to interest rates hovering near all-time lows.
Interest rate margins have begun to bottom, however, with UOB reporting a 0.8 percent rise in net interest income in January-March from the preceding three months ago after four consecutive quarters of decline.
" Most Asian economies are in a tightening cycle, Singapore included. The offshoot of this is that the operating environment would be more beneficial for banks as rates go up," said Tey Tze Ming, a market strategist at Saxo Capital Markets.
UOB earned S$612 million ($493.2 million) in the three months ended March, down from S$700 million in the year-earlier period.
After stripping off one-off items, UOB's core earnings rose 11 percent from the last quarter but declined 1 percent from a year ago.
Its results were slightly below the average estimate of S$625 million of six analysts polled by Reuters, and lagged the S$807 million in quarterly net profit posted by rival DBS Group last week. [ID:nL3E7FQ1BP] [ID:nL3E7FS0ZF]
UOB's net interest income fell 3.2 percent from a year ago to S$871 million despite a 20 percent rise in customer loans to S$120.2 billion, while fees and commission income rose 16 percent to S$330 million.
The bank's net interest margin -- the difference between the interest rate the bank charges and what it pays depositors -- declined slightly to 1.90 percentage points compared with 1.91 in the fourth quarter and 2.25 a year ago.
" Whilst the global economy continues to grapple with various shocks, our core markets remain buoyant, reflecting the strong regional economic fundamentals and rising affluence in Asia," UOB CEO Wee Ee Cheong said in a statement, adding the bank was pleased with the increase in loans and fee growth.
MARGINS TO GROW
UOB's management had previously flagged it hopes to grow loans by aound 15 percent this year and that net interest margins should begin rising in the second half, Deutsche Bank said in a note last week.
According to data from the Monetary Authority of Singapore, the three-month interbank bank has been hovering around 0.44 percent since October last year, down from 0.69 percent at the start of January 2010.
UOB shares have risen about 4 percent so far this year, bucking the 3 percent fall in Singapore's blue chip Straits Times Index .
Shares of DBS, the city-state's biggest bank, have risen around 2 percent since the start of the year, while those of Overseas Chinese Banking Corp , the second-largest, have fallen around 7 percent.
OCBC will announce its first quarter earnings next week. ($1 = 1.241 Singapore Dollars) (Reporting by Kevin Lim additional reporting by Eveline Danubrata)
Friday: 7 May 2011
Malaysia Raises Interest Rates to 3% BLOOMBERG
Malaysia yesterday raised interest rates for the first time this year and asked banks to set aside more cash as reserves for a second time, joining India in stepping up the fight against inflation, amid surging oil and food prices worldwide.
Bank Negara Malaysia (BNM) increased its overnight policy rate to 3 per cent from 2.75 per cent. The statutory reserve requirement level will rise to 3 per cent from 2 per cent, effective on May 16.
BNM governor Zeti Akhtar Aziz, the first to raise rates in Asia last year as the region led a recovery from the global recession, is resuming rate hikes after pausing since July as inflation accelerated to a 23-month high.
India boosted borrowing costs this week for the ninth time since mid-March of last year as rising prices force nations to tighten monetary policy at the risk of slowing growth. The South-east Asian nation’s economy may expand 5 to 6 per cent this year, easing from a decade-high of 7.2 per cent last year, according to the central bank.
United Overseas profit falls on lending income, higher expenses WRITTEN BY BLOOMBERGFRIDAY, 06 MAY 2011 13:20
United Overseas Bank, Singapore’s third-largest lender, said first-quarter profit tumbled 13% as income from lending, trading and investment fell.
Net income declined to $612 million from $700 million a year earlier when it booked a one-time gain from asset sales, the lender said in a stock exchange statement today. That was in line with the $612.2 million average of five analysts’ estimates compiled by Bloomberg.
United Overseas and bigger domestic rivals DBS Group Holdings and Oversea-Chinese Banking Corp. are facing pressure on loan profitability as Singapore’s low borrowing rates crimp margins. Rising competition and excess funds in the banking system may further squeeze loan margins, the lender said in its annual report this year.
“It is likely that regional loan growth and sustained fee income growth would make up for an environment of cost pressures,” said Kenneth Ng, a Singapore-based analyst at CIMB Research. “Also, as higher-interest business loans pick up, the worst of the margin decline should taper off significantly.”
Revenue for the quarter fell 5.3% to $1.42 billion and interest income dipped 3.2% to $871 million, the company said. Expenses rose 7.6% to $583 million for the period, it said.
UOB +1.4% but pares gains 4Q disappoints - RBS
WRITTEN BY DOW JONES & CO, INC
FRIDAY, 25 FEBRUARY 2011 15:18
UOB (U11.SG) is +1.4% at $18.26, paring gains from $18.40 at midday after its 4Q results beat net profit expectations largely due to a rise in non interest income, while loan book earnings continued to struggle.
UOB’s 4Q10 results beat (expectations) by 25% at the bottom line level, but the focus is likely to be on weak interest income, strong expense growth and higher provisions. Our first take is that the quality of the results disappointed,” says RBS.
It says the main driver for the disappointing net interest income ($865 million, 3.1% below its forecast, down 2.1% on quarter) was a 16 bps on-quarter decline in NIM to 1.91%.
“While the 4Q10 results where disappointing in quality if not quantity, UOB is trading at only 11.1X FY12F P/E and 1.4X FY12F P/B. We think the market will increasingly look at future earnings delivery as expectations for higher short term interest rates come more sharply into focus.”
It keeps its Buy rating and a $23.00 target price.
February 25, 2011, 2.19 pm (Singapore time) 
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Update: UOB Q4 profit beats forecasts
SINGAPORE - Singapore's third largest bank by assets United Overseas Bank reported on Friday a better-than-expected 35 per cent rise in quarterly profit and said it was confident of delivering robust growth this year.
UOB, controlled by billionaire Wee Cho Yaw, earned S$706 million (US$552.7 million) in the fourth quarter ended Dec 31, up from S$522 million a year ago, helped by a rise in fee and commission income.The results beat the quarterly profits reported by rivals DBS and Oversea-Chinese Banking Corp and exceeded the S$590 million average forecast of six analysts polled by Reuters. 'The results were much better than the consensus and our expectation. There is strong loan growth, both on sequential and year-on-year basis,' said Sachin Nikhare, an analyst at Indian securities firm IIFL. 'The key negative is the sharp sequential decline in net interest margins. Unlike other banks like DBS and OCBC, whose margins were stable or down by only about 1 or 2 basis points, UOB's margins have declined quite substantially,' he added. UOB shares were up 2.22 per cent at the midday break, beating the Straits Times Index's 1.14 per cent rise. DBS, Singapore's and Southeast Asia's biggest bank by assets, reported on Feb 11 a higher-than-forecast 38 per cent rise in fourth quarter net profit to S$678 million. OCBC, the number two by assets, last week reported flat earnings of S$505 million, coming in well below analysts' forecasts. UOB reported net interest income during the fourth quarter fell 3 per cent from a year ago despite a 13 per cent rise in net customer loans, hurt by the contraction in net interest margin to 1.91 percentage points from 2.07 in the third quarter. Looking ahead, UOB CEO Wee Ee Cheong said the bank was 'confident of delivering robust growth this year'. 'Our regionalisation has gained momentum, with key regional centres achieving 23 per cent loan growth the year (and) our strong balance sheet, extensive distribution network and customer franchise position us well to tap the growing consumer wealth and rising intra-regional needs of customers in Asia,' he added. -- REUTERS |
