UOB Malaysia reported a record total operating income of RM4.6 billion and net profit before tax (NPBT) of RM1.9 billion for the financial year ended 2023.
The Bank’s operating income grew by 19.3 per cent (2022: RM3.9 billion) and crossed the RM4 billion mark for the first time, while net profit before tax (NPBT) surged 44.4 per cent (2022: RM1.3 billion).
The increase in operating income was backed by net interest income growth of 7.4 per cent to RM2.9 billion, and higher income contribution from Islamic Banking business, which increased by 14.8 per cent increase to RM169.6 million. Other operating income also grew by 50.0 per cent to RM1.6 billion, mainly driven by higher net foreign exchange gains and fee, and commission income.
By business pillars, UOB Malaysia’s operating income for Wholesale Banking surged by 18.5 per cent to RM2.1 billion, mainly backed by strong growth in Transaction Banking and Global Markets’ business flows, as the Bank continues to leverage its strong ASEAN footprint and Greater China connectivity to help businesses expand.
Since 2013, the Bank has supported more than 500 global companies to invest in Malaysia and facilitated more than 230 Malaysian companies in their regional expansion.
In line with UOB Malaysia’s commitment to help local businesses, including the small and medium enterprises (SMEs), transition to sustainable practices, the Bank has provided RM6.2 billion green financing loans to-date. UOB offers one of the most comprehensive and market-leading sustainability financing framework and solutions validated by international and credible second party opinion.
Retail Banking operating income grew by 46.1 per cent to RM1.9 billion, primarily led by a significant increase in net interest income and fee and commission income, in part due to the consolidation of Citigroup’s Consumer Banking business. UOB Malaysia was the first of the four regional markets to integrate the former Citigroup customer base onto UOB’s platform in July last year.
Ng Wei Wei, Chief Executive Officer, UOB Malaysia, said, “We are pleased to announce our record financial performance, driven by our key business pillars’ strong results and disciplined cost management. Guided by our three-year strategic plan, UOB Malaysia will continue to leverage our extensive footprint and expertise to help businesses unlock new avenues for growth across the region through cross-border trade and investment..”
