UOB Q4 profit rises 21.8% to S$1.4 billion; proposes S$0.85 per share final dividend

UOB’s internet revenue for the fourth quarter rose 21.8 per cent on increased internet price earnings and different non-interest earnings, primarily based on its outcomes launched on Thursday (Feb 22).

Net revenue for the three months ended Dec 31, 2023, stood at S$1.4 billion, in contrast with S$1.2 billion from the year-ago interval. This included one-off bills from the lender’s Citigroup integration prices.

The earnings missed a S$1.5 billion consensus forecast for the fourth quarter in a Bloomberg survey of two analysts. If not for the one-off integration bills, core internet revenue would have been in keeping with the projections.

UOB’s board has really useful a last dividend of S$0.85 per share for the half-year interval. This brings the full-year dividend to S$1.70 per share, representing a payout ratio of about 50 per cent.

The dividend might be paid out on May 9, after books closure on Apr 29. UOB stated its scrip dividend scheme won’t be utilized to the ultimate dividend.

For the total yr, internet revenue was up 24.9 per cent to S$5.7 billion – a report excessive, though it missed a S$6 billion consensus forecast of 5 analysts surveyed by Bloomberg.

Excluding the one-off Citigroup integration prices, core internet revenue could be S$6.1 billion, rising 25.8 per cent on the yr.

Annualised earnings per share stood at S$3.34 for FY2023, up from S$2.69 the yr earlier than.

Shares of UOB closed 0.9 per cent or S$0.27 decrease at S$29.24 on Wednesday.

Source: www.businesstimes.com.sg”