UOB – latest earnings drive stock to new record highs

▪️ This week, UOB shares rose to a record high following street upgrades to the stock’s recommendation after the bank’s latest third quarter profits exceeded expectations, as well as comments by UOB CEO that the bank will consider a share buy back (similar to counterpart DBS)

▪️ The bank is “actively” looking to take full advantage of capital management, hopefully by the end of the year. UOB has excess capital of about S$2 billion to S$2.5 billion, said its CFO.

▪️ For those keen to find out more about UOB’s latest results, Macquarie Research (MQ) provided an update in their research report released on 8 November 2024. Read more here.