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Top related persons:
Lee Wai Fai - 2 Heng Koon - 1 Nicky Shiels - 1 Wee Ee Cheong - 1 UOB's - 1 UOB - 1 CNBC's JP Ong - 1
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Singapore Southeast Asia Greater China China , Hong Kong Thailand Vietnam Malaysia Indonesia
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Singapore's United Overseas Bank - 2 UOB - 1 Survey - 1 Markets - 1 Global Economics - 1 Markets Research - 1 CNBC - 1 United Overseas Bank - 1

Search resuls for: "UOB's"


7 mentions found


☆ Inflation, operating costs had the biggest impact on Asian firms last year, survey shows
  + stars: | 2024-04-25 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com   time to read: +1 min
Higher costs had the biggest impact on Asian businesses in 2023, even as they continued to grapple with a global economic slowdown and rising borrowing costs, according to a survey by UOB. Of those polled, 32% said they were impacted by high inflation, another 32% said they faced increased operating costs, while 24% said rising labor costs hurt their business, UOB's 2024 Business Outlook Survey reported. Still, about four out of 10 companies said they felt "very positive" about the business environment in 2023, while 32% said they were "somewhat positive," the survey showed. Some 35% of the companies polled said the business environment in 2023 declined compared to the previous year. To combat future headwinds, 30% of the companies said reducing business costs will be their top priority in the next one to three years.
Organizations: UOB, Survey Locations: Southeast Asia, Greater China, China , Hong Kong, Thailand, Vietnam, Malaysia, Singapore, Indonesia
☆ Gold soars past $2,100 to new record — and analysts don't expect it to stop there
  + stars: | 2023-12-04 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +1 min
Gold prices notched a new record on Monday for a second day in a row — with spot prices touching $2,100 as the global rush for bullion appears set to continue. Gold prices are on course to hit fresh highs next year and could remain above $2,000 levels, analysts said, citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts. Gold tends to perform well during periods of economic and geopolitical uncertainty due to its status as a reliable store of value. He estimated that gold prices could reach up to $2,200 by the end of 2024. "There is simply less leverage this time around vs 2011 in gold ... taking prices through $2,100 and putting $2,200/oz in view," said Nicky Shiels, head of metals strategy at precious metals firm MKS PAMP.
Persons: Heng Koon, Nicky Shiels Organizations: Markets, Global Economics, Markets Research, CNBC Locations: Israel
☆ Singapore bank UOB sees stronger 2024 outlook, third-quarter net profit trails estimate
  + stars: | 2023-10-26 | by ( ) www.cnbc.com   time to read: +1 min
The United Overseas Bank (UOB) building is pictured in the Raffles Place financial district in Singapore on August 10, 2023. Singapore's United Overseas Bank , or UOB, expected a stronger outlook for next year including better loan and fees growth, as it reported on Thursday a weaker-than-expected 1% drop in third-quarter net profit from a year earlier. UOB, Singapore's third-largest bank by assets, projected mid single-digit loan growth and double-digit fee growth for its 2024 outlook, versus low-to-mid single-digit loan growth and high single-digit fees growth for this year's outlook. UOB said July-September net profit dropped to S$1.38 billion ($1 billion) from S$1.40 billion a year earlier, mainly on the back of higher allowances for credit and other losses, as well as Citigroup integration costs. The profit was lower than the mean estimate of S$1.46 billion from four analysts polled by LSEG.
Persons: Wee Ee Cheong, UOB's, UOB Organizations: United Overseas Bank, Raffles, Singapore's United Overseas Bank, Citigroup, LSEG Locations: Singapore, Southeast, ASEAN
☆ UOB's CFO discusses the bank's second-quarter earnings
  + stars: | 2023-07-27 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUOB's CFO discusses the bank's second-quarter earningsLee Wai Fai, group chief financial officer at UOB, explains why it expects the second half of the year to be better than its challenging first half.
Persons: Lee Wai Fai
☆ Singapore's UOB expects 'some upside' to interest income after Fed rate hike
  + stars: | 2023-07-27 | by ( Clement Tan | ) www.cnbc.com   time to read: +1 min
Singapore's United Overseas Bank is expecting "some upside" in interest income in the next quarter, after the U.S. Federal Reserve announced a fresh rate hike overnight. Its net interest income for the quarter grew 31% from a year ago — boosted by robust net interest margin that expanded 50 basis points to 2.13% on higher interest rates, the Singapore-based lender said in a statement released early Thursday. Net interest margin, a measure of lending profitability for banks, is the difference between interest earned and interest paid. Overnight on Wall Street, the Fed raised interest rates by 25 basis points, taking its benchmark borrowing costs to a target range of 5.25%-5.5% — the highest level in more than 22 years. The midpoint of that target range would be the highest level for the benchmark rate since early 2001.
Persons: Lee Wai Fai, CNBC's JP Ong Organizations: Singapore's United Overseas Bank, U.S . Federal Reserve Locations: Singapore
☆ Singapore lender UOB's Q1 core profit leaps 74% to record $1.2 bln
  + stars: | 2023-04-27 | by ( ) www.reuters.com   time to read: +1 min
SINGAPORE, April 27 (Reuters) - Singapore's United Overseas Bank (UOBH.SI) reported on Thursday a 74% surge in core profit in the first quarter from a year earlier on the back of strong net interest and non-interest income growth. The lender's core profit, which excludes one-off expenses, rose to a record S$1.58 billion ($1.20 billion) in the first quarter, just above the mean estimate of some S$1.55 billion from four analysts polled by Refinitiv. Net profit in the first quarter climbed 67% to $1.51 billion. "We delivered record profits this quarter backed by our core businesses and diversified growth drivers," Wee Ee Cheong, CEO of the Southeast Asia-focused bank said in a statement. ($1 = 1.3348 Singapore dollars)(This story has been corrected to clarify core net profit is up 74%, not net profit, and adds definition of core net profit)Reporting by Yantoultra Ngui; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.
☆ UOB completes deal for Citi's Vietnam consumer banking business
  + stars: | 2023-03-01 | by ( ) www.reuters.com   time to read: +1 min
SINGAPORE, March 1 (Reuters) - Citigroup (C.N) said on Wednesday that it had completed the sale of its Vietnam retail banking and consumer credit card businesses to Singapore's United Overseas Bank in a transaction expected to result in a "modest regulatory capital benefit". United Overseas Bank (UOBH.SI), commonly known as UOB, said in a separate statement that it planned to complete the acquisition of Citigroup's Indonesian consumer banking business by the end of 2023. The lender announced in November the completion of its purchase of Citigroup's Malaysia and Thailand retail banking businesses. UOB's purchase of Citigroup's consumer businesses in the four Southeast Asian markets for about S$5 billion ($3.71 billion) marks its biggest acquisition in two decades. ($1 = 1.3476 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.
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