|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||41.54 - 41.94|
|52-week range||35.28 - 47.09|
|Beta (5Y monthly)||0.88|
|PE ratio (TTM)||10.52|
|Forward dividend & yield||1.98 (4.74%)|
|Ex-dividend date||28 Apr 2023|
|1y target est||40.06|
UOB and Keppel today announced the signing of Memorandums of Understanding (MOU) to jointly develop and provide businesses across the region with a comprehensive suite of sustainability and digitalisation solutions that will support their journey towards decarbonisation.
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UOB's acquisition of Citigroup's consumer banking businesses in four key ASEAN markets has significantly boosted its retail banking business, and paved the way for its enlarged base of customers in the region to enjoy even more perks and privileges suited to their unique lifestyles and needs via partnerships with renowned domestic and global brands.
Singapore's second-biggest lender Oversea-Chinese Banking Corp (OCBC) reported on Wednesday a better-than-expected 39% jump in first-quarter profit from a year earlier on the back of strong net interest income growth. OCBC, which is also Southeast Asia's second-biggest bank by assets, said January-March net profit rose to a record S$1.88 billion ($1.42 billion) from S$1.36 billion a year earlier. Singapore's banks have been benefiting from strong inflows from wealthy customers amid global economic uncertainty because of the city-state's status as financial safe haven.
With the economy recovering from a global pandemic, more small and medium-sized enterprises (SMEs) and large enterprises in the ASEAN and Greater China regions are looking to expand internationally in a bid to grow revenue and profits.
DBS Group posted record first-quarter profit, with Singapore's biggest bank saying it had benefited from inflows from depositors seeking a safe haven amid the global banking turmoil, and uncertainty over the world economy and geopolitics. Results released on Tuesday showed the bank's January-March net profit rose a stronger-than-expected 43% to S$2.57 billion ($1.9 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. "We delivered a record performance and benefited from safe-haven deposit inflows during a quarter marked by increased market volatility," DBS Chief Executive Officer Piyush Gupta said in a statement.
Net profit in the first quarter climbed 67% to $1.51 billion. "We delivered record profits this quarter backed by our core businesses and diversified growth drivers," Wee Ee Cheong, CEO of the Southeast Asia-focused bank said in a statement. UOB expects low to mid-single digit percentage loan growth for this year, double-digit fees growth and credit costs at 20 to 25 basis points, Wee said in a media briefing after the earnings announcement.
The lender's core net profit rose to a record S$1.6 billion ($1.20 billion) in the first quarter, just above the mean estimate of some S$1.55 billion from four analysts polled by Refinitiv. UOB's core net profit excludes one-off expenses. "We delivered record profits this quarter backed by our core businesses and diversified growth drivers," Wee Ee Cheong, CEO of the Southeast Asia-focused bank said in a statement.
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UOB will invest more than S$500 million to build its new global technology and innovation centre in JTC's Punggol Digital District (PDD). With this investment, UOB becomes the first local bank to establish its presence in Singapore's first smart and sustainable business district, and is the largest commercial investor in PDD to date.
Artist impression of UOB's global tech and innovation centre in Punggol Digital District. Photo: UOB, JTCSINGAPORE (EDGEPROP) - United Overseas Bank (UOB) will invest more than $500 million to build its new global technology and innovation centre in JTC’s 50 ha Punggol Digital District (PDD), the bank announced on April 18.The centre will be home to UOB’s digital platform, UOB TMRW, and The FinLab, an accelerator focused on digitalisation and sustainability across the region.Targeted to be compl
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Self-driving startup Venti Technologies said on Tuesday it has raised $28.8 million in Series A funding to speed up the growth of its autonomous vehicle (AV) business for customers the logistics and supply chain industry. Investors in the funding round included LG Technology Ventures, the venture capital arm of LG Corp unit LG Group, and UOB Venture Management, the venture capital arm of Singapore's United Overseas Bank.
An uneasy calm descended across battered bank bonds and shares on Tuesday, with prices recovering a day after regulators sought to convince investors that the hit facing bond holders of embattled Credit Suisse is isolated. AT1 bonds from others such as Deutsche Bank, UBS and BNP Paribas rose more than 2 cents, data from MarketAxess and Tradeweb showed. On Monday bank AT1 bonds had taken a beating after news that those issued by Credit Suisse would be written down to zero as part of a rescue merger with UBS.
Singapore's banking system remains sound and resilient, and banks in the city-state have confirmed that their exposure to Credit Suisse is insignificant, the Monetary Authority of Singapore (MAS) said. The MAS said it had been in close contact with the Swiss Financial Market Supervisory Authority (FINMA), the parent supervisory authority of Credit Suisse Group AG, on recent developments surrounding the bank.
United Overseas Bank Ltd. (UOVEY) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #1 (Strong Buy).
Citigroup said on Wednesday that it had completed the sale of its Vietnam retail banking and consumer credit card businesses to Singapore's United Overseas Bank in a transaction expected to result in a "modest regulatory capital benefit". United Overseas Bank, commonly known as UOB, said in a separate statement that it planned to complete the acquisition of Citigroup's Indonesian consumer banking business by the end of 2023. UOB's purchase of Citigroup's consumer businesses in the four Southeast Asian markets for about S$5 billion ($3.71 billion) marks its biggest acquisition in two decades.
Singapore's Oversea-Chinese Banking Corp (OCBC) on Friday rounded up a record annual results performance from the city-state's banks benefiting from higher interest rates, but the outlook is more cautious due to a looming rate peak. Singapore's lenders, among the most well capitalised in the world, benefited from an early rebound in the pandemic-hit economy, but higher funding costs and weak wealth management fees have emerged as key risks.
DBS Group, which has seen its net interest margins hit highs for the decade on rising interest rates, expects rates to moderate, its chief executive said, as Southeast Asia's largest bank by assets reported record quarterly and full-year profit. Singapore lenders, like global peers, are benefiting from higher interest rates, but analysts said that as the cycle peaks and economic growth falters, rising bank profits could be curbed. At a news conference on Monday, DBS Chief Executive Piyush Gupta said U.S. interest rate increases are likely to moderate, though he doesn't expect rate cuts this year.
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To recognise the sustainability efforts of individuals and businesses in Singapore, and to encourage such business practices, UOB and The Business Times (BT) have come together to launch the inaugural Sustainability Impact Awards. The launch ceremony and the unveiling of the Awards' logo was witnessed by Dr Amy Khor, Senior Minister of State for Sustainability and the Environment this morning at SPH Media's News Centre.
UOVEY made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on November 29, 2022.
CBRL, AIT and UOVEY made it to the Zacks Rank #1 (Strong Buy) value stocks list on November 29, 2022.
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