Banking

UOB reports 8% higher 1Q earnings of $1.05 bil on interest income growth
SINGAPORE (May 3):  UOB Group reported earnings of $1.05 billion for the 1Q ended March, up 8% from a year ago on higher net interest income.   Total income grew 8% to $2.5 billion on-year from $2.2 billion in 1Q18, led by growth in interest income for the quarter, which more than offset a decline in fee and commission income. Net interest income rose 8% to $1.6 billion based on a ...
UOB, OCBC to benefit from mortgage rate hikes this year, says DBS
SINGAPORE (Apr 2): DBS Vickers Securities is remaining bullish on Singapore’s banks as a dividend yield play, while highlighting rising mortgage rates as the sector’s bright spot amid higher cost of funds this year.   In a Tuesday report, analyst Lim Rui Wen says UOB will benefiting from hikes in mortgage rates in 1Q19, as it was the first to increase it Singdollar fixed deposit rates ...
OCBC still bullish on banking stocks after a lacklustre FY18
SINGAPORE (Mar 26): OCBC Investment Research remains bullish on Singapore’s banking space while keeping its sector “overweight” with “buy” calls on both DBS and UOB, which have been given fair value estimates of $29.31 and $28.30, respectively. Both stocks had dividend yields of 4.8%, with DBS and UOB trading at the respective book values of 1.3 times and 1.1 times, or at an average ...
Singapore banks to shine despite regional macros, competition from fintechs: Maybank
SINGAPORE (Mar 18): Maybank Kim Eng is keeping “positive” on Singapore’s banking sector while noting significant interest among Malaysian investors in Singapore banks from a flight-to-quality angle, and for their high dividend yields as the SGD appreciates. This comes post a meeting with 15 Malaysian investors from a mix of long-only, hedge and private-banking funds to discuss Singapore ...
Analysts shave UOB forecasts on operating challenges & limited upside, but remain positive at 'buy'
SINGAPORE (Feb 25): Jefferies and OCBC Investment Research are maintaining their “buy” calls on United Overseas Bank (UOB) with a target price and fair value of $30 and $28.30, respectively, even after the bank’s recently reported set of 4Q and FY18 financials came in slightly below both research houses’ expectations. While Jefferies has lowered FY19-20 EPS estimates by 3.6% and 4.5%, ...
DBS undergoes target price cuts after a record FY18, but remains a 'buy'
SINGAPORE (Feb 19): Jefferies Singapore, OCBC Investment Research and RHB Research are maintaining their “buy” calls on DBS Group while lowering their price targets to $28.50, $29.31 and $28.80, respectively. This comes after the release of its 4Q18 results, which saw earnings grow 8% y-o-y to $1.32 billion to bring the bank’s earnings for the full year to a record high of $5.63 ...
Western Union mobile app launched in Singapore
SINGAPORE (Dec 18): Money remitter Western Union today announced the launch of its mobile app in Singapore – making it the third destination in Asia, after Hong Kong and Malaysia, where the app can be used for Western Union transactions. Now available on the Google Play and Apple’s App Store, the app enables customers to transfer money to bank accounts worldwide, mobile wallets where ...
DBS reports 72% higher 3Q net profit of $1.4 bil on record total income
SINGAPORE (Nov 5): DBS Group Holdings reported a net profit of $1.4 billion for 3Q18, up 72% from $822 million a year ago when accelerated allowances had been taken for weak oil & gas support service exposures. The group’s latest performance in 3Q was attributed to a sustained loan growth, fee income trends and net interest margin progression. An average estimate of three analysts ...
OCBC launches new brand campaign, Simply Spot On
SINGAPORE (Oct 29): Overseas-Chinese Banking Corporation (OCBC) today a new brand promise campaign with the tagline Simply Spot On, to be rolled out over three months using an integrated multi-channel communication strategy.   The move comes after previous customer-centric brand campaigns like Stay True and Stay Curious. Ask OCBC, which were launched in 2017 and 2007, respectively. In ...
Singaporeans love their banks but remains wary of other asset managers, finds survey
SINGAPORE (Sept 20): While a majority of Singaporeans view the city state’s financial services sector as more trustworthy than a decade ago, many are cautious towards less familiar sub-industries and new & emerging digital financial services companies. This is according to the inaugural 2018 Financial Services Reputation Index, launched today by MHP Communications and ORC International, ...