UOB Malaysia posts RM1.14bil net profit in 2017

PETALING JAYA: United Overseas Bank (M) Bhd posted a 4% jump in net profit to RM1.14bil for the financial year ended 2017 compared a year earlier driven by steady loan growth and higher interest income.

During the period, the bank’s net interest income increased by 5.4% to RM2.02bil. Its non-interest income reported a growth of 5.2% to RM900mil supported by higher fee income, as well as trading and investment income.

UOB Malaysia said its cost-to-income ratio stood at 38.6% in 2017, despite incurring a higher operating cost.

Its total operating expenses increased by 6.2% to RM1.14bil as the bank stepped up investments in digital and technology infrastructure.

UOB Malaysia CEO Wong Kim Choong said that the bank’s achievements were the result of a sharpened focus on its strategic priorities including strengthening its digital capabilities and technology systems to deliver excellent customer service and to help our clients achieve operational efficiencies.

“As our 2017 results reflect, we forged ahead to achieve our strategic priorities and continued to invest for the future. 

“While we innovate and keep pace with advances in technology, we do so with the purpose of making banking smarter, simpler, safer and faster for our customers,” he said in a statement.

In 2017, UOB Malaysia introduced the UOB Mighty mobile application (app). 

The bank said it was the first bank in Malaysia to launch a mobile banking app that integrates banking, dining and payment features in a single app. 

The mobile app also enables customers to digitise their UOB credit and debit cards with their NFC-enabled Android smartphones and to make contactless payments.

Wong said for this year UOB Malaysia will continue to focus on developing and strengthening its digital capabilities.

“We will build on our strengths in connecting businesses with opportunities domestically and across the region, in harnessing technology to make banking more convenient and in providing the right solutions for our customers, both through conventional and Islamic banking,” he said.