UOB CEO ‘cautiously optimistic’ on 2024; Q1 profit down 1.6% to S$1.49 billion
Delayed rate cuts may boost the lender’s net interest margin
UOB chief executive Wee Ee Cheong is “cautiously optimistic” on the bank’s outlook for 2024 given the growth potential in South-east Asia, even as higher-for-longer interest rates and a stronger US dollar may weigh on demand.
Delayed rate cuts may boost the lender’s net interest margin (NIM), in particular, although Wee reiterated that the bank is focused on balancing earnings growth with long-term stability.
“We are all budgeting for slightly higher. But again, the market is very uncertain… so we are cautious,” said Wee at a media briefing for the bank’s first-quarter results on Wednesday (May 8).
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.