UOB Malaysia's net profit increases 4pc to RM1.14b in 2017

April 23, 2018 | By | Reply More

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KUALA LUMPUR: United Overseas Bank (Malaysia) Bhd has reported a net profit of RM1.14 billion for the financial year ended 2017, four per cent higher than in the previous year.

On the back of steady loan growth and higher interest income from available-for-sale securities, the bank’s net interest income increased 5.4 per cent to RM2.02 billion.

Non-interest income reported a growth of 5.2 per cent to RM0.9 billion, supported by higher fee income, as well as trading and investment income. Total operating income increased by 6.0 per cent to RM3.0 billion.

UOB Malaysia maintained a cost-to-income ratio of 38.6 per cent in 2017. Total operating expenses increased however 6.2 per cent to RM1.14 billion as the bank stepped up investments in digital and technology infrastructure to drive its performance over the long term and to enhance the customer experience.

Chief executive officer Wong Kim Choong said the bank’s achievements were the result of a sharpened focus on its strategic priorities.

These include strengthening its digital capabilities and technology systems to deliver excellent customer service and to help our clients achieve operational efficiencies, he added.

“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.

“Over the past year, we focused on providing our retail customers with convenient and secure online and mobile payment options to suit their lifestyle needs. We also harnessed technology to offer companies integrated cross-border solutions to help them improve their business efficiency as they grow and expand throughout Asia,” said Wong.

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