The earnings beat was mainly due to the stronger-than-expected net interest margin (NIM), which stood flattish q-o-q compared to the consensus’ estimate of a drop in NIM by one to two basis points (bps).
Analysts from CGS International, Citi Research, DBS Group Research and PhillipCapital have kept their “add” and “buy” calls on United Overseas Bank (SGX:U11
) (UOB) after the bank’s results for the 1QFY2024 ended March 31 exceeded the expectations of the consensus.
To CGSI analysts Andrea Choong and Lim Siew Khee, UOB’s 1QFY2024 core net profit of $1.57 billion, which rose by 5% q-o-q but fell by 1% y-o-y, stood in line with their estimates.
