UOB posts 16% higher Q3 profit of S$1.61 billion

UOB’s net profit for the third quarter ended September 2024 rose 16 per cent year on year to S$1.61 billion, from S$1.38 billion the year before.

Its results released Friday (Nov 8) beat the S$1.51 billion consensus forecast among four analysts polled by Bloomberg.

UOB deputy chairman and chief executive Wee Ee Cheong attributed this quarter’s improved performance to new record highs in net fee income as well as trading and investment income.

Earnings per share (EPS) stood at S$3.79 versus S$3.23 in the year before.

Total income for the quarter grew 11 per cent to S$3.83 billion.

Core return on equity, which excluded one-off expenses related to the acquisition of Citi’s consumer banking business, was up by 0.4 percentage point year on year to 14.3 per cent.

Net interest income for the quarter grew 1 per cent to S$2.46 billion versus S$2.4 billion in Q3 FY2023.

Net interest margin (NIM) was down 4 basis points at 2.05 per cent.

Shares of UOB closed S$0.61 or 1.9 per cent higher at S$33.30 on Thursday.