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UOB expects fee income to be bright spot as loans stay muted, costs catch up

Michelle Zhu
Tan Nai Lun

Michelle Zhu &

Tan Nai Lun

Published Thu, Oct 26, 2023 · 01:14 PM
    • “Prudent management is our hallmark. And we prefer to take a long-term view in all that,” says Wee Ee Cheong (left), CEO of UOB, at the media briefing for the bank's Q3 results with UOB group CFO Lee Wai Fai (right).
    • “Prudent management is our hallmark. And we prefer to take a long-term view in all that,” says Wee Ee Cheong (left), CEO of UOB, at the media briefing for the bank's Q3 results with UOB group CFO Lee Wai Fai (right). PHOTO: UOB

    FEE income will be a bright spot for UOB ahead as the bank expects loans to stay muted while costs continue to catch up.

    UOB is guiding a double-digit fee growth for 2024, compared to the high single-digit growth guidance for 2023, underscoring confidence in its fees business.

    Meanwhile, it expects to see a mid single-digit loan growth in 2024, and for credit costs to hover around 25 to 30 basis points, said UOB deputy chairman and chief executive Wee Ee Cheong on Thursday (Oct 26).

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