A surge in interest income more than offset lower fee income and higher costs at UOB, resulting in record profits for 2022.
UOB posted a record net profit of S$4.6 billion ($3.4 billion) in 2022, according to its annual report, up 12 percent year-on-year from S$4.1 billion in 2021. Excluding one-off expenses that include a stamp duty and Citi-linked integration costs, the bank's core net profit rose 18 percent to S$4.8 billion, also a record high.
Despite lower fee income due to the effect of muted investor sentiments on wealth and fund management fees, this was more than offset by a 31 percent increase in net interest income to S$8.3 billion driven by rising interest rates. Total expenses grew 16 percent to S$5 billion in 2022.
«The group delivered a record net profit for the year, on higher margins driven by our robust core businesses, strong balance sheet and resilient asset quality,» said UOB deputy chairman and CEO Wee Ee Cheong.
