In the fourth quarter, United Overseas Bank (UOB) saw a significant rise in net profit thanks to increased non-interest income and fee-related revenues.
Financial Highlights
- Net profit for the quarter stood at S$1.40 billion, marking a 22% increase year-on-year.
- Total income increased by 2%, reaching S$3.41 billion.
- The board recommended a final dividend of 85 Singapore cents per share, resulting in a total dividend payment of S$1.70 per share.
Revenue Breakdown
- Net interest income decreased by 6% to S$2.40 billion due to lower net interest margin.
- Net fee income grew by 17% in the fourth quarter, reaching S$569 million, driven by increases in wealth management and credit-card fees.
- Non-interest income surged to S$438.0 million from S$285.0 million, primarily fueled by higher treasury income and strong performance in trading and liquidity management activities.
Future Outlook
Despite the uncertain global economic outlook, UOB remains optimistic about Southeast Asia’s prospects. Chief Executive Wee Ee Cheong emphasized that the region continues to shine amidst the prevailing uncertainties.
