UOB Malaysia’s profit after tax increases by 4%

United Overseas Bank (Malaysia) Bhd reports a net profit after tax of RM1.14 billion for the financial year ending 2017, four per cent higher than it was the previous year. The bank’s net interest income increased by 5.4% to RM2.02 billion on the back of steady loan growth and higher interest income from available-for-sale securities. Non-interest income reported a growth of 5.2% to RM0.9 billion, supported by higher fee income, as well as trading and investment income. Total operating income increased by 6.0% to RM3.0 billion.

Continuing to manage expenses prudently, UOB Malaysia maintains a cost-to-income ratio of 38.6% in 2017. Total operating expenses increased by 6.2% to RM1.14 billion as the bank stepped up investments in digital and technology infrastructure to drive its performance over the long term and to enhance the customer experience.

Wong Kim Choong, Chief Executive Officer, UOB Malaysia says, “As our 2017 results reflect, we forged ahead to achieve our strategic priorities and continued to invest for the future. While we innovate and keep pace with advances in technology, we do so with the purpose of making banking smarter, simpler, safer and faster for our customers. Over the past year, we focused on providing our retail customers with convenient and secure online and mobile payment options to suit their lifestyle needs. We also harnessed technology to offer companies integrated cross-border solutions to help them improve their business efficiency as they grow and expand throughout Asia.”

In 2017, UOB Malaysia made banking easier for customers with the introduction of the UOB Mighty mobile application (app). UOB Malaysia was the first bank in Malaysia to launch a mobile banking app that integrates banking, dining and payment features in a single app. UOB Malaysia also enhanced its back-office payment systems to offer seamless financial solutions and services to its clients with the launch of the UOB Business Internet Banking Plus.

Commenting on UOB Malaysia’s priorities in 2018, Mr Wong says the Bank will continue to focus its attention on developing and strengthening its digital capabilities to meet customers’ needs. UOB Malaysia’s ability to deliver industry-leading solutions and services earned it the award for Best International Bank in Malaysia for 2017 at the Asiamoney Best Bank Awards.

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