With UOB's U11 : U11 0% fourth quarter net profit up 48 per cent on strong loan growth and the bank logging record-high fee income for the year, its chief executive Wee Ee Cheong has sounded an optimistic note on the long-term potential of his bank's business in Asean.

"We believe the worst is behind us. In Singapore, we see market recovery and improving consumer sentiment. In South-east Asia, green shoots of recovery are strengthening," said Wee at a media conference following UOB's release of its quarterly and full-year results on Wednesday (Feb 16).

The bank also noted that impending interest rate hikes will likely bode well for earnings in the coming quarters. It believes that the rate increases will be gradual and that credit quality will not be significantly affected.