UOB Q4 profit jumps 48% on lower credit charges
United Overseas Bank reported a 48 per cent increase in its fourth-quarter profit on Wednesday (Feb 16) as Singapore's smallest listed lender benefited from a sharp fall in credit charges.
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UOB's October to December net profit rose to S$1.02 billion from a year earlier, compared with an average estimate of S$986 million from four analysts polled by Refinitiv.
On a quarterly basis, the net profit was 3 per cent lower than the previous quarter due to lower trading and investment income despite higher margins and lower credit allowances, said UOB.
The bank reported a net profit of S$4.07 billion for the full year, up 40 per cent from the previous year.
"As we enter the third year of the global pandemic, the overall operating environment has stabilised. We achieved a healthy 40 per cent increase in net profit for FY21 as economic growth, business activities and consumer sentiment picked up," CEO Wee Ee Cheong said.
"We believe the worst is behind us. In Singapore, there are signs of market recovery where we see strong institutional loan growth and a rebound in card spending and wealth management activities," said Mr Wee.
Mr Wee also touched on UOB's bid to Citigroup’s consumer business in Indonesia, Malaysia, Thailand and Vietnam, saying that the opportunity "came at the right time, with the right strategic fit".
