UOB Malaysia FY18 net profit up 8% at RM1.24b

KUALA LUMPUR: United Overseas Bank (Malaysia) Bhd recorded a net profit of RM1.24 billion for the financial year ended 2018 (FY18), an 8% increase from FY17.

UOB Malaysia chief executive officer Wong Kim Choong attributed the performance to the bank's commitment to continue with its investment in long-term strategic growth drivers.

“In 2018, we remained steadfast in placing our customers first and continued to support them in navigating the challenging market environment. This enabled us to achieve stable performance despite headwinds from escalating trade tensions and the resulting cautious business sentiment.

“We continued to meet our strategic objectives of capitalising on UOB Group's regional network and enhancing customer experience through digital innovation,” he said in a statement on Monday.

In FY18, the bank's total operating income increased 3.6 per cent to RM3 billion as net interest income grew 2.3 per cent to RM2.07 billion, contributed by higher interest income from loans, fair value through other comprehensive incomes, as well as available-for-sale securities.

As for non-interest income, the bank recorded a 4.6 per cent growth to RM900 million, supported by higher fee income and foreign exchange gains, while net income from the bank's Islamic banking business also increased exponentially, up by 72.2 per cent to RM40.8 million during the year.

Gross loans, advances and financing rose 5.3 per cent to RM83.3 billion and non-bank deposits increased by 6.4 per cent to RM88.7 billion in the same period. - Bernama