UOB's Profit Beat Outshone By Growth Outlook at Rival DBS [Yahoo! Finance]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance
Most Read from Bloomberg Trump Judge Indefinitely Postpones Documents Case Trial Israel Says a Cease-Fire Plan Backed by Hamas Falls Short One Out of Every 24 New York City Residents Is Now a Millionaire Einhorn Says Markets Are ‘Broken.' Here's What Data Shows Lending margins shrank from a year earlier, Southeast Asia's third-largest lender said Wednesday. Gains in wealth and card fees helped to cushion a drop in lending income. Unlike DBS, which lifted its 2024 projections, UOB kept its outlook largely the same. The lender's shares fell about 1% in Singapore. The result underscores the challenges that remain as a tailwind from rising interest rates slows. While both banks delivered above-forecast earnings, the extent of UOB's beat and its on-year trends are softer than DBS, said Nick Lord, a Morgan Stanley analyst. Net income, excluding one-off costs, fell 0.7% to S$1.57 billion ($1.2 billion) from a year earlier in the three months ended March 31. That compares with
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