PETALING JAYA: UOB Malaysia reported a record net profit before tax (pre-tax profit) of RM2.2 billion and total operating income of RM4.7 billion for the financial year ended 2024.
Pre-tax profit increased by 15.9% (2023: RM1.9 billion), while operating income grew by 2.3% (2023: RM4.6 billion). the bank said in its 2024 annual report, which was published yesterday.
The increase in operating income was backed by steady growth across all income streams, including net interest income, Islamic banking, net foreign exchange gains and fees and commissions.
Meanwhile, total expenses decreased by RM22 million due to disciplined cost management, while total allowances for expected credit losses declined significantly by 52.1% to RM159 million with improved asset quality and lower provisions for both impaired and non-impaired assets.
In 2024, UOB Malaysia’s gross loans, advances and financing grew by 2.1% to RM109.5 billion (2023: RM107.2 billion), supported by steady growth across both its wholesale and retail segments. As the bank continued to strengthen its balance sheet, it remained focus on growing and maintaining quality deposits, resulting in higher current account-savings account ratio of more than 44%.
CEO Ng Wei Wei said, “We are pleased to report another year of strong financial performance, with record net profit before tax of RM2.2 billion. This achievement reflects the strength of our diversified business model, supported by prudent risk management, disciplined cost control and solid performance across our core businesses.
“Our wholesale banking business has made significant strides in advancing the bank’s sustainability and connectivity agenda, delivering double-digit growth in both sustainable financing and trade loans.
“On the back of good trade flows, our global market income also grew strongly, as we assisted our clients in managing interest rate risks in a volatile environment. Additionally, our expanded retail franchise continues to deliver strong momentum, particularly in credit card and wealth management business, following the successful integration of the Citigroup’s consumer banking business.”
UOB Malaysia leverages its regional network and expertise, supported by 11 foreign direct investment teams across Asia, to connect businesses to opportunities and drive cross-border investments. Aligned with national economic strategies, it supports key growth sectors – from Penang’s semiconductor industry to the Johor-Singapore Special Economic Zone and Sarawak’s renewable energy, contributing to Malaysia’s diversified economic growth and UOB group’s goal of becoming a leading cross-border trade bank by 2026.
In the sustainability space, UOB Malaysia continues to actively champion sustainable financing through its comprehensive framework, validated by credible international second-party opinion providers.
