United Overseas Bank posts 2023 profit surge and sees Singapore Airlines target rise

United Overseas Bank (UOB) reported a 26% jump in 2023 net profit to S$5.7 billion and lifted its total dividend to S$1.68 per share. The bank’s net interest margin improved to about 2.10%, and operating profit climbed to roughly S$11.6 billion, driven by stronger credit and deposit growth in Southeast Asia and greater digitalisation of private‑bank services.

UOB Kay Hian, the brokerage arm of the group, raised its target price for Singapore Airlines (SIA) by S$0.10 on July 16, citing optimism about a second‑quarter earnings rebound. The broker highlighted a 4.1% rise in passenger loads and a 5.1% increase in cargo, effective cost pass‑throughs, and a solid fuel‑hedging position. It expects SIA’s first‑quarter result to be near breakeven and projects a roughly S$450 million earnings bounce in Q2, supported by higher air‑fares and freight rates.