UOB Posts Another Solid 3Q Result; FVE Increases to SGD 25.60
Higher expected loan growth, improving margins in Singapore, and good fee income growth underpinned narrow-moat-rated United Overseas Bank's, or UOB's, solid quarterly result. Net profit was up 5% on last quarter to SGD 883 million, or 12% on the year-ago period. We lift our full-year loan growth assumption to 5.5% from 4.5% to reflect the higher-than-expected loan growth, and accounting for the time value of money, our fair value estimate increases to SGD 25.60 from SGD 24.00 previously. With s...United Overseas Bank is bank in Asia with a network of offices in 19 countries and territories in Asia Pacific, Western Europe and North America. Co. provides a range of financial services including personal financial services, private banking, business banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, brokerage and clearing services, asset management, venture capital management and insurance. Co. operates within three main operating segments: Group Retail, Group Wholesale, and Global Markets and Investment Management. As of Dec 31 2014, Co. had total assets of S$306.74 billion.
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