UOB Reports Record Profit in Q3 2024

United Overseas Bank (Singapore) ( (UOVEF) ) has released its Q3 earnings. Here is a breakdown of the information United Overseas Bank (Singapore) presented to its investors.

United Overseas Bank (UOB) is a leading Singaporean financial institution, primarily engaged in providing a wide spectrum of banking services across retail, wholesale, and global markets, with a strong presence in the ASEAN region. In its latest earnings report for the third quarter of 2024, UOB has reported a record net profit of S$1.6 billion, marking an 11% increase year-on-year. This achievement is attributed to broad-based growth across its various business segments and key markets in ASEAN, despite a volatile global economic environment. The bank has successfully integrated Citigroup’s portfolio in Malaysia, Thailand, and Indonesia, enhancing its capabilities and cross-sell synergies in these markets. Key financial highlights include a steady non-performing loan ratio of 1.5%, a 10% quarterly increase in core operating profit to S$2.2 billion, and a strengthened Common Equity Tier 1 ratio of 15.5%. Net interest income saw modest growth, driven by a 5% increase in loan growth, while net fee income reached record highs, supported by wealth management fees. Looking ahead, UOB remains optimistic about ASEAN’s long-term potential, reinforced by strong economic fundamentals and foreign direct investment inflows. The bank aims to leverage its robust balance sheet and strategic market positioning to continue its growth trajectory.