Singapore, Jan 23, 2026, 14:49 SGT — Regular session.
- Shares of United Overseas Bank jumped roughly 4.3% in afternoon trading, hitting a new high of S$39.41
- Broker upgrades sparked a rally that boosted other Singapore lenders as well
- Investors are focusing on UOB’s results due out February 24
Shares of United Overseas Bank (UOB) climbed 4.3% to S$39.23 in mid-afternoon trading on Friday in Singapore, after hitting a fresh record peak at S$39.41 earlier in the session. 1
The move pushed Singapore’s third-largest listed bank toward its best close ever, while the heavyweight Straits Times Index hovered near record territory. OCBC also reached fresh highs, according to the Business Times. 2
This rally is pulling double duty: betting on banks weathering earnings season and snapping back after some investors skipped UOB’s late-2025 dip. Macquarie’s Jayden Vantarakis bumped the stock to “outperform” and raised his target to S$41, tagging it a likely “relative-value catch-up play.” 3
UOB maintained its pace with capital moves, revealing in a daily buy-back notice that it snapped up 37,000 shares on Jan. 22 and cancelled them. The bank paid between S$36.88 and S$37.62 per share. 4
UOB’s Sydney branch priced A$2.0 billion in senior unsecured notes maturing in 2031. The deal breaks down into A$750 million of floating-rate notes at 3-month BBSW plus 0.72%, and A$1.25 billion of fixed-rate notes at 5.023%. (BBSW is a key Australian short-term interest-rate benchmark.)
The risk hasn’t disappeared. When benchmark rates drop, net interest margins — the gap between loan earnings and deposit costs — can get squeezed. UOB has demonstrated it’s willing to set aside hefty credit allowances to build cushions when needed. 5
Friday’s rally leaves scant margin for error if revenue from trading, fees, or wealth inflows slows, or if the bank flags rising credit costs.
UOB will release its full-year 2025 results on Feb. 24, ahead of the market open. Investors will be watching closely for updates on dividends, capital returns, and credit quality. 6
