UOB Malaysia Records 12.2% Increase In Net Profit To RM1.14 billion For 2021

UOB Malaysia recorded a 12.2 percent increase in net profit to RM1.14 billion in 2021 on higher operating income and lower total allowance for expected credit losses. Its total operating income grew 4.3 percent to RM3.35 billion, on the back of stronger net interest income and higher net income from the Islamic Banking business.

The group’s total allowances for expected credit losses were 17.7 percent or RM103.2 million lower compared with the previous year. The decrease was largely due to lower expected credit losses on loans, advances, financing, and other financial assets for non-impaired assets.

Maintaining strong capital, liquidity, and funding positions while supporting customers during the pandemic Gross loans, advances, and financing base rose 2.9 percent to RM90 billion and non-bank deposits increased 3.7 percent to RM97.1 billion in 2021. The Bank was the second-largest loan bookrunner in Malaysia in 2021. In addition, the total foreign direct investment (FDI) transactions facilitated by the Bank increased by close to 20 per cent, compared with the year before. These flows included new investments from Greater China, ASEAN, South Korea, and the United States.

Meanwhile, a rebound in consumer spending and savings coupled with the Bank’s efforts to make banking simpler and smarter for its customers boosted UOB Malaysia’s retail banking business.

The Bank continued to maintain a strong capital base with its Common Equity Tier 1 ratio at 17.7 per cent and Total Capital ratio at 20.5 per cent. Its liquidity and funding positions also remained robust with its liquidity coverage ratio and net stable funding ratio well above the minimum regulatory requirements.

Ms Ng Wei Wei, Chief Executive Officer (CEO), UOB Malaysia, said, “Amid the volatile operating environment in 2021, we delivered a commendable performance, growing our operating income and net profit. Through prudent risk management and a disciplined business approach, we kept our balance sheet robust while continuing to capture opportunities and grow market share. “Going forward, we remain focused on enhancing our technology infrastructure to drive innovation and performance.”

UOB Malaysia’s commitment to Malaysia as its recovery builds momentum Ms Ng added that Malaysia’s recovery is gaining momentum and she expects a strong rebound in economic growth. “We are confident of Malaysia’s development, which is underscored by our continued investment to deepen our presence in the country and to develop our people. Our commitment is further reaffirmed by our recent acquisition of Citigroup’s consumer banking business in Malaysia.

.

Previous articleExploiting the Ukraine Crisis – Donation Scams and Malspam
Next articleSunway University Ranked Malaysia’s Top Private University

LEAVE A REPLY

Please enter your comment!
Please enter your name here