The bank’s Q4 profit of of S$1.52 billion beat analysts’ consensus forecast S$1.48 billion
SINGAPORE stocks closed higher on Wednesday (Feb 19), as investors digested company earnings reports and the country’s Budget 2025 announcements.
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.
Across the broader market, losers beat gainers 269 to 254, with 1.4 billion securities worth S$1.5 billion changing hands.
The benchmark index was led by maritime player Yangzijiang Shipbuilding, which gained 2.2 per cent or S$0.07 to S$3.20. Meanwhile, agribusiness Wilmar International fell 2.5 per cent or S$0.08 to S$3.18.
Local bank UOB lost 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 closed higher. DBS rose 0.5 per cent or S$0.24 to S$46.04, while OCBC climbed 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 slipped 0.1 per cent, Japan’s Nikkei 225 rose 0.3 per cent, South Korea’s Kospi Composite Index advanced 1.7 per cent, while the Bursa Malaysia Kuala Lumpur Composite Index retreated 0.3 per cent.
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