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UOB Q4 net profit up 10%; bank looks to South-east Asia to sustain growth

Published Fri, Feb 21, 2020 · 09:50 PM
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Singapore

UNITED Overseas Bank (UOB) has been de-risking its loan book in North Asia and Singapore amid macro uncertainties that are also brought on now by the ongoing novel coronavirus outbreak. It sees businesses accelerating their plans to diversify to South-east Asia as a result of the current supply chain disruption, said UOB chief executive Wee Ee Cheong.

The bank on Friday posted a 10 per cent rise in net profit to S$1.01 billion for the three months ended Dec 31, 2019. It has also proposed a final dividend of 55 Singapore cents and special dividend of 20 cents per share for the period. This is up from a final dividend of 50 cents and special dividend of 20 cents for the year-ago period.

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