Strong growth in fee, trading and investment income led Singapore-based UOB to achieve a record profit in 2024.
UOB posted a record net profit of S$6 billion ($4.5 billion) in 2024, according to the bank’s financial results, up 6 percent year-on-year.
While net interest income remained stable at S$9.7 billion, net fee income rose 7 percent to S$2.4 billion with growth in wealth management fees, card fees and loan fees. Other non-interest income also grew 10 percent to S$2.2 billion, driven by customer-related treasury income from increased retail bond sales and strong hedging demands, as well as positive performance from trading and liquidity management activities.
Core operating expenses were up 5 percent to S$6.1 billion alongside a one-off cost of S$188 million from the integration of Citi’s consumer banking businesses in Southeast Asia.
Integration Progress
According to UOB deputy chairman and CEO Wee Ee Cheong, the bank completed its integration of Citi’s portfolio in Thailand in 2024 after doing so in Malaysia and Indonesia in 2023. It is now on track to finish integrating the Vietnam business in 2025.
«We will continue to harness cross-sell synergies, manage costs, and enhance our products and solutions to better serve our expanded customer base,» Wee said, adding that 2025 marks the bank's 90th anniversary.
«Despite global uncertainties, we are confident that the ASEAN region will remain resilient, supported by higher domestic retail spending and stronger influx of foreign direct investment. Our strengthened market position in our key ASEAN markets, enlarged customer base and enhanced platforms will position us well to seize regional opportunities amid a reconfiguration of global trade and supply chains.»
