The Business Times
business-time-50
SUBSCRIBERS

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

google-preferred-sourceAdd BT as a preferred source
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).

    UOBFinancial resultsSingapore banks

    TRENDING NOW

    The bungalow's transacted price works out to about S$3,169 psf on the freehold land area of 23,979 sq ft.

    Shanda co-founder sells Tanglin Hill bungalow for S$76 million

    Jumbo Group says its landlord, the National Parks Board, is studying the redevelopment of East Coast Seafood Centre in tandem with longer-term plans for the park.

    Jumbo Seafood to close flagship East Coast Seafood Centre outlet on Sep 30

    Beyond structural portfolio shifts, the study highlighted paradoxes regarding intergenerational wealth planning and succession.

    Nearly half of Apac’s wealthy expect market crash or correction, plan to rotate to cash: study

    Terence Wong, founder and CEO of Azure Capital (left), with Trek 2000 executive chairman and group president Wayne Tan.

    Trek 2000 shares jump 41.5% after Osim founder Ron Sim drops claims, sells 7.3% stake to Azure Capital

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More