UOB Malaysia’s higher operating income was attributed to its net interest income which grew 5.7% to RM2.20bil during the year, underpinned by its proactive balance sheet management.
KUALA LUMPUR: United Overseas Bank (Malaysia) Bhd’s (UOB Malaysia) net profit declined 16.8% year-on-year (y-o-y) to RM1.02bil in 2020 compared with 2019.
The bank said the lower net profit was due to its pre-emptive provisioning on assets, given the uncertainties arising from the economic impact of the Covid-19 pandemic.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
