UOB net profit rises 6% to $6b in FY24

It will return $3b to shareholders over the next three years.

UOB Group has reported a net profit of $6b for the financial year ended 31 December 2024 (FY24), a 6% increase from the previous year.

The board has proposed a final dividend of 92 cents per share, bringing the total dividend for FY24 to $1.80 per share, with a payout ratio of 50%.

As part of its capital distribution plan, UOB will return $3b to shareholders over the next three years through special dividends and a $2b share buyback.

A special dividend of 50 cents per share, amounting to $0.8b, has been proposed for 2025 to mark the bank’s 90th anniversary.

Wholesale Banking saw strong growth, with trade loans rising 20% and transaction banking now contributing over half of wholesale income.

Cross-border income also grew, making up more than 25% of the segment’s total revenue. Retail Banking performed well, with credit card fees increasing 18% and wealth management income surging 30%. High-net-worth assets under management grew 8% to $190b, supported by strong net new money inflows.

The bank added 850,000 new customers in FY24, with half acquired through digital channels, bringing its Southeast Asian retail customer base to 8.4 million.

UOB also expanded its sustainability efforts, with its sustainable financing portfolio growing 43% to $58b.