UOB, Singapore's third-largest bank by assets, projected mid single-digit loan growth and double-digit fee growth for its 2024 outlook.
The United Overseas Bank building is pictured in the Raffles Place financial district in Singapore on August 10, 2023., or UOB, expected a stronger outlook for next year including better loan and fees growth, as it reported on Thursday a weaker-than-expected 1% drop in third-quarter net profit from a year earlier.
The bank, Southeast Asia's third-biggest, also projected margins to remain at current levels for 2024, but foresaw credit cost at around 25 to 30 basis points for next year versus just around 25 basis points for rest of 2023. UOB said July-September net profit dropped to S$1.38 billion from S$1.40 billion a year earlier, mainly on the back of higher allowances for credit and other losses, as well as Citigroup integration costs.consumer business in four Southeast Asian markets for about S$5 billion, its biggest deal in two decades. When completed, the move will double its retail customer base in these markets.
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