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Daniel Tabbush

UOB - Soaring NPLs & collapsing coverage

Despite higher oil prices in 4Q17, United Overseas Bank (UOB) reported a steep quarterly rise in non-performing loans (NPLs). In absolute terms, the bank’s NPLs have not been higher in the past 12 years. UOB’s NPLs rose to S$4.2 billion in 4Q17 representing 12% growth QoQ. Despite this, the bank aggressively ran down NPL cover and also despite 60% higher 'Loss' NPLs. This is not sustainable. 

Daniel Tabbush

HSBC - Deficiencies and inadequacies on a global scale

There is little evidence that HSBC’s sprawling footprint supports connectivity across customers and geographies. Its non-interest income compares poorly with peer large banks, while its fee income continues to come down. Net insurance income has been in loss for years. A broad gauge of operating returns - operating income/assets - continues to trend lower and where this is not distorted by credit costs. If HSBC were benefitting from its unique global position, these measures would appear more robust. It is a long-standing misperception; the reality is different. The track record of HSBC to at...

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