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United Overseas Bank (U11) investor relations material
United Overseas Bank H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Operating profit for H1 2025 rose 3% year-over-year to $4.0 billion, driven by strong fee growth, while net profit declined 3% to $2.8 billion due to higher reserves and margin compression amid macroeconomic uncertainties.
Fee income grew 11% year-over-year, led by loan, wealth, and treasury income; cost discipline kept expenses flat.
Retail segment saw robust growth post-Citi acquisition, with customer base exceeding 8.4 million and double-digit increases in card billings and wealth management income.
Wholesale banking profit before tax fell 12% year-over-year, impacted by lower rates and higher allowances, but transaction banking and trade loans showed strong growth.
Asset quality remained stable with NPL ratio at 1.6% and prudent provisioning maintained.
Financial highlights
Net profit for Q2 2025 was $1.3 billion, down 10% quarter-on-quarter and 6% year-over-year; H1 net profit was $2.8 billion, down 3% year-over-year.
Net interest margin narrowed to 1.91% for the quarter and 1.96% for H1 2025; exit NIM was 1.84%.
Gross loans grew 4% year-over-year and 1% quarter-on-quarter, mainly from corporate and Singapore mortgages.
Cost-to-income ratio improved to 43.5% for H1; expenses declined 2% quarter-on-quarter.
Interim and special dividends totaling $1.10 per share declared, with a 50% payout ratio; 13% of the share buyback program completed.
Outlook and guidance
Full-year NIM guidance set at 1.85–1.9%, factoring in three expected rate cuts.
Low single-digit loan growth and high single-digit fee growth expected; operating costs to remain flat.
Net credit cost forecasted at 25–30 bps, with further top-ups to general provision buffer anticipated.
Loan growth guidance moderated due to subdued regional GDP growth and tariff impacts.
Pre-emptive general provisions set aside in anticipation of ongoing macroeconomic uncertainties.
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