The bank’s Q4 profit of of S$1.52 billion beat analysts’ consensus forecast S$1.48 billion
SINGAPORE equities closed higher on Wednesday (Feb 19), as investors digested company earnings reports and the country’s Budget 2025 announcements.
On the Singapore Exchange, decliners beat advancers 269 to 254, as 1.4 billion securities worth S$1.5 billion changed hands.
The Straits Times Index (STI) rose 8.48 points or 0.2 per cent to 3,934.04, below the record 3,943.23 that the index hit earlier in the day.
The benchmark index was led by maritime player Yangzijiang Shipbuilding, which gained 2.2 per cent or S$0.07 to S$3.20. It was dragged by agribusiness Wilmar International, which fell 2.5 per cent or S$0.08 to S$3.18.
Local bank UOB fell 0.2 per cent or S$0.07 to S$38.58, after it posted a net profit of S$1.52 billion for the quarter ended December 2024, beating a S$1.48 billion consensus forecast in a six-analyst Bloomberg poll.
The lender also announced a S$3 billion capital distribution package to distribute surplus capital over the next three years, comprising special dividends and share buybacks.
Following the results announcement, OCBC Investment Research raised its fair value estimate for UOB to S$41.50, as it revised earnings estimates for FY2025 and FY2026 to take into account fewer interest-rate cuts and better fee income.
The two other local banks were in the black. DBS increased 0.5 per cent or S$0.24 to S$46.04, while OCBC ascended 0.5 per cent or S$0.09 to S$17.85.
Elsewhere, regional indices ended the day mixed. Hong Kong’s Hang Seng Index slid 0.1 per cent, Japan’s Nikkei 225 rose 0.3 per cent and South Korea’s Kospi Composite Index gained 1.7 per cent. The Bursa Malaysia Kuala Lumpur Composite Index declined 0.3 per cent.
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