United Overseas Bank (Singapore) ( (UOVEF) ) has released its Q4 earnings. Here is a breakdown of the information United Overseas Bank (Singapore) presented to its investors.
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United Overseas Bank (UOB) is a leading financial institution in Asia, primarily engaged in banking services across the region with a significant market presence in ASEAN countries. Known for its comprehensive regional footprint, UOB operates through a network of around 500 offices in 19 countries, providing tailored banking solutions to meet diverse customer needs.
UOB has reported a record net profit of S$6.0 billion for the fiscal year 2024, marking a 6% increase from the previous year. The bank has announced a total dividend payout of S$1.80 per ordinary share for the year, alongside a S$3 billion capital distribution package which includes special dividends and share buybacks to commemorate its 90th anniversary.
Key financial highlights include a stable net interest income of S$9.7 billion, a 7% increase in net fee income to S$2.4 billion, and a 10% rise in non-interest income to S$2.2 billion. UOB’s asset quality remained resilient with a non-performing loan ratio of 1.5%. The bank’s retail and wholesale banking sectors showed strong performance, bolstered by increased trade loans and robust growth in wealth management and credit card fees.
UOB continues to make strides in sustainability, with a 43% growth in its sustainable financing portfolio to S$58 billion. The bank’s strategic focus on regional growth and integration efforts, such as the completion of its Citigroup portfolio integration in Thailand, underscores its commitment to harnessing synergies and expanding its customer base across Southeast Asia.
Looking ahead, UOB remains optimistic about the resilience of the ASEAN region despite global uncertainties. The bank aims to leverage its strengthened market position and expanded customer base to capitalize on regional opportunities, ensuring sustained long-term growth and value creation for its stakeholders.
