UOB Group has reported a record net profit of S$6b for the financial year ending 31 December 2024, marking a 6% increase from the previous year. This achievement is attributed to strong net fee income and robust trading and investment income. The bank’s Board has recommended a final dividend of 92 cents per ordinary share, bringing the total dividend for FY24 to S$1.80 per share, representing a payout ratio of approximately 50%.
The bank has also unveiled a S$3b package to distribute surplus capital over the next three years. This package includes special dividends and a new share buyback programme. A special dividend of 50 cents per ordinary share is set for 2025, distributing S$0.8b of surplus capital, coinciding with UOB’s 90th anniversary. Additionally, a S$2b share buyback programme has been introduced.
UOB’s net interest income remained steady at S$9.7b, with a 5% loan growth. Net fee income rose by 7% to S$2.4b, driven by double-digit growth in wealth fees and stronger credit card fees. The Group’s non-performing loan ratio stood stable at 1.5%.
Group Wholesale Banking saw a 20% increase in trade loans, whilst Group Retail experienced an 18% rise in credit card fees. Wealth management income surged by 30%, with high-net-worth assets under management reaching S$190b. The Group also added over 850,000 new customers in FY24, half of whom were acquired digitally.
UOB’s Deputy Chairman and CEO, Mr Wee Ee Cheong, stated, “The Group achieved a record net profit in 2024, driven by strong fee income as well as robust trading and investment income. Our long-term investments in regional platforms and capabilities are paying off, and we expect continued revenue growth this year.”
The bank’s sustainable financing portfolio increased by 43% to S$58b, underscoring its commitment to supporting customers on their green journeys. As UOB celebrates its 90th anniversary, it remains focused on long-term growth and stability, aiming to enhance shareholder value in the coming years.
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