UOB reported 48% YoY rise in its Q4 2021 net profits to S$1.02bn ($760mn), beating estimates of S$986mn ($733mn). Net fee and commission income came in at S$589mn ($438mn) up 13% YoY with loan-related fees and credit card fees picking up. For the full year, UOB reported a 40% rise in net profits to S$4bn ($3bn) with its fee income reaching a new high of S$2.4bn ($1.8bn). The group’s AUM from high affluent customers reached a new record of S$139bn ($103bn). UOB’s NPL’s were steady at 1.6%. Net Interest Margins (NIM) stood at 1.56%, down 1bp YoY. The board has recommended a final dividend of S$0.60/share bringing the annual dividend to S$1.2/share with a payout ratio of 49%. UOB’s CET1 ratio stood at 13.5% at end-2021, down 120bp YoY with its overall capital adequacy ratio (Term of the Day) at 16.6% vs. 18.4% in 2020.

UOB’s dollar bonds were flat, with its 3.875% Perp at 101.5, yielding 2.96%.

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