UOB Holders Now Collect About 10% Less Than a Year Ago. A New Buyer Starts at 3.69%.
UOB Holders Now Collect About 10% Less Than a Year Ago. A New Buyer Starts at 3.69%.
Mon 5 Oct 2026 | Longform
The Numbers
UOB's trailing ordinary dividends are S$1.59, about 10% below S$1.77 a year earlier. The FY2025 final fell 23% to S$0.71, while the 1H26 interim rose 3.5% to S$0.88. Payout stayed near 50% on UOB's adjusted basis. CET1 rose to 15.4% from 15.1% at the end of FY2025, and NIM slipped to 1.74% from 1.89%. At the 2 October close of S$43.11 the yield is 3.69%, 101 basis points below my 4.7% Minimum Yield Hurdle, while a holder with a S$20 cost sees 7.95% on cost. Iggy's Forensic Zone for UOB is Zone 4, Caution -, at the 2 October close. Yield is the only gate failing.
My Personal Take
This morning I wrote that SGX's smaller board lot cuts the cash for one lot to a tenth and moves no yield. UOB is the worked example: a 10-share lot at S$43.11 costs about S$431, and the starting yield is still 3.69%. It took me a while to see that Sunday's 27% for UOB hid a dividend cut, set against a bank whose capital rose. UOB's FY2026 final is what would change my mind. A final back above S$0.71 would read differently from another cut. 🦖
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