Singapore's best domestic bank 2022: UOB
What do you get when you combine solid financials, a comprehensive franchise, digital banking prowess, a big ESG impetus and even bigger ambitions for growth? Answer: UOB, Asiamoney’s pick for best domestic bank in Singapore for 2022.
UOB Group, whose chief executive is Wee Ee Cheong, reported a 40% increase in net profit year on year in 2021 to S$4.1 billion ($2.9 billion), and a return on equity of 10.2%. Net interest income jumped 6% to S$6.4 billion, thanks to loan growth of 10% and a stable net interest margin of 1.56%.
These numbers are impressive for a year when Singapore still faced Covid-related challenges. But what is notable is that nearly every business line at UOB fired on all cylinders in the past year.
Wealth management fees jumped thanks to a bounce back in investor confidence; customer-related income reached a record high; and non-performing loans stayed steady. The only blip was UOB’s trading and investment income which fell 17% due to lower non-customer trading income.
The bank, which has been in Singapore for 86 years, is robust thanks to its solid presence in the city-state and its big network across Asean and Greater China.