UOB 3Q09 Results Flash

Thursday, August 6, 2009

Net profit of S$470m in 2Q09 (+14.9% qoq) was above consensus estimate of S$421m.

Performance was boosted by net gain of S$34m from trading activities and investment income of S$141m from financial instruments and S$63m from available-for-sale assets.

NPL ratio has increased from 2.1% in 1Q09 to 2.4% in 2Q09. General provision of S$151m was similar to last quarter but UOB made a large general provision of S$321m for loans, investments and foreclosed assets.

Tax was only S$23m (1Q09: S$112m) due to deferred tax assets.

Available-for-sale reserve recovered by another S$1.2b. Thus, NAV/share increased from S$9.37 to S$10.14. Tier-1 CAR has also improved marginally from 12.3% to 12.6%.


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