UOB Kay Hian FY 2024 profits surge 31% YoY

EPS was at $0.2442.

UOB Kay Hian Holdings Limited saw its full year (FY 2024) net earnings surge 31% year-on-year (YoY) to $223.7m.

The year ended with earnings per share (EPS) of 24.42 Singaporean cents, 28.0% higher YoY.

Commission and trading income grew 26% YoY to $368.7m, driven by higher commission income from structured products. Interest income declined 3.4% YoY to $253.4m due to lower interest rates.

Other operating income rose 32.1% YoY to $48.2m on increased corporate finance activities.

Commission expenses increased 21.2% YoY to $87m, whilst staff costs were up 23.9% YoY to $212.3m. Finance expenses dropped 26.5% YoY to $38.6m, and other operating expenses declined 5% YoY to $105.6m.

Investor sentiment remained strong in 2024, supported by the recovery of US and Asian equity markets.

“Meanwhile higher volatility and attractive yields have encouraged significant activity in derivatives and structured products,” the company said in a local bourse filing.

Higher volatility and attractive yields drove activity in derivatives and structured products. The company is monitoring the potential effects of US economic policies on inflation, interest rates, and currency movements, alongside China’s pro-growth measures and broader global economic trends.

Whilst maintaining a cautious approach, UOB-Kay Hian remains optimistic about market conditions in the year ahead.

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