Best bank: UOB
UOB retains the title of Singapore’s best bank, bolstered by resilient financial performance and a strengthened network across southeast Asia. Under the leadership of chief executive Wee Ee Cheong, the bank devised a three-year plan in 2023 to become the foremost bank in southeast Asia, and it is well on its way to delivering on that aim.
AfE 2024
In 2023, UOB posted total income of S$13.9 billion ($10.3 billion) and a record net profit of S$5.7 billion. Excluding one-off costs from integrating Citi’s consumer business in Indonesia, Malaysia, Thailand and Vietnam, core net profit reached a record S$6.1 billion, up 26% year on year.
Assets grew by 4% year on year, while return on equity increased by 2.3 percentage points to 14.2%. Net interest income surged 16% and net fee income increased by 4%, driven by higher wealth fees and record credit card fees.
Singapore,