SINGAPORE – UOB’s chief executive on Thursday highlighted bright spots from the bank’s wholesale business and regional expansion despite risks from higher interest rates that propelled its fourth-quarter core earnings up 37 per cent to $1.4 billion.
This is higher than the average estimate of $1.2 billion from two analysts polled by Refinitiv.
Including one-off expenses related to UOB’s acquisition of Citigroup’s Malaysia and Thailand consumer businesses, net profit for the three months to December 2022 rose by a smaller 13 per cent to $1.15 billion.
UOB recommended a final dividend of 75 cents a share. Together with the interim dividend of 60 cents a share, the total dividend for the full year will be $1.35 a share, representing a payout ratio of 49 per cent.
Earnings for the full year rose 12 per cent to $4.6 billion, or 18 per cent to $4.8 billion after factoring out…
