KUALA LUMPUR: UOB Malaysia posted a 15.9% year-on-year (y-o-y) increase in pre-tax profit to an all-time high of RM2.2bil on the back of 2.3% growth in net operating income to RM4.7bil for the financial year ended 2024.
According to the bank, it registered steady growth across all income streams, including net interest income, Islamic banking, net foreign exchange gains and fees and commissions.
It also reported a decrease in total expenses by RM22mil due to disciplined cost management, and a significant 52.1% decline in total allowances for expected credit losses to RM159mil on improved asset quality and lower provisions for both impaired and non-impaired assets.
"This achievement reflects the strength of our diversified business model, supported by prudent risk management, disciplined cost control and solid performance across our core businesses," said UOB Malaysia CEO Ng Wei Wei in a statement.
Ng reported the bank's wholesale banking businessed delivered double-digit growth in both sustainable financing and trade loans.
She added that global market income also grew strongly while the expanded retail franchise saw strong momentum in the credit card and wealth management business following the integration of Citigroup's consumer banking business.
In 2024, UOB Malaysia’s gross loans, advances and financing grew 2.1% to RM109.5bil, supported by steady growth across both its wholesale and retail segments.
It also registered a higher current account-savings account (Casa) ratio of more than 44%.
