UOB's Core Net Profit Rises Strongly In First Half Of 2023

Editorial Staff

28 July 2023

Singapore-based yesterday reported a core net profit of S$3.1 billion ($2.33 billion) for the first half of 2023, rising 53 per cent on a year earlier. Including the one-off Citigroup integration expenses, net profit was S$2.9 billion.

UOB’s board declared an interim dividend of 85 cents per ordinary share, representing a pay-out ratio of about 49 per cent, rising 42 per cent from the interim dividend last year.

In the second quarter of 2023, core net profit rose by 35 per cent, at S$1.5 billion, compared with a year ago. Net interest income for the quarter grew 31 per cent, while other non-interest income rose sharply on higher customer-related treasury income and strong performance from trading and liquidity management activities.

The UOB group’s retail deposits grew 20 per cent compared with last year. It continues to see "positive net new money inflows" of S$12 billion a year to date, it said. This brought total assets under management to S$165 billion, 19 per cent higher than a year ago.