United Overseas Bank ( (UOVEY) ) has released its Q4 earnings. Here is a breakdown of the information United Overseas Bank presented to its investors.
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United Overseas Bank (UOB) is a leading financial institution in Asia, headquartered in Singapore, with a significant presence across 19 countries and territories, providing a wide range of financial services and focusing on sustainability and customer-centric growth in the ASEAN region. UOB Group recently reported a record net profit of S$6.0 billion for FY24, marking a 6% increase from the previous year, driven by robust net fee income and investment gains. As part of a strategic move to manage surplus capital, the bank announced a S$3 billion capital distribution plan, including special dividends and a share buyback program, to be implemented over the next three years. Key financial highlights include stable net interest income at S$9.7 billion, a 7% growth in net fee income to S$2.4 billion, and a 43% increase in the sustainable financing portfolio to S$58 billion. UOB’s Wholesale and Retail Banking divisions both reported strong performances, with significant growth in trade loans and wealth management income, reflecting the bank’s strategic investments in regional capabilities and customer acquisition. Looking ahead, UOB remains optimistic about continued revenue growth, buoyed by a resilient ASEAN market and strategic expansions, including the integration of Citigroup’s portfolio in key Southeast Asian countries, as it celebrates its 90th anniversary and continues to focus on long-term growth and value creation.
