Broker Name: OCBC Investment Research
Date of Report: 6 November 2025

Excerpt from OCBC Investment Research report.

Report Summary

• UOB’s 3Q25 results missed expectations due to a large one-off provision related to commercial real estate exposures in the US and Greater China, but core earnings, fee, and wealth income remained steady.
• Management expects credit costs to normalise and maintains its dividend policy, guiding for low single-digit loan growth and a net interest margin of 1.75-1.80% for 2026; the fair value estimate is unchanged at SGD38.20 and the BUY rating is reiterated.

Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Investment Research can be the first to access the full report from the OCBC Investment Research website: https://www.ocbc.com