A bonsai tree symbolises harmony, patience and resilience – qualities that mirror UOB’s culture and long-term vision. Just like bonsai trees, strong institutions need careful nurturing and a solid foundation to flourish. This year’s Annual Report cover features one of the bonsai trees planted around UOB Plaza in Singapore since 2024, adding a touch of nature to the heart of the city.
Rooted in our core values of being honourable, enterprising, united and committed, UOB has established a deep presence across Southeast Asia. Through discipline and perseverance, we continue to invest for the long term, strengthening our position as a leading bank in the region.
Just as bonsai roots provide stability through changing seasons, a strong culture anchors an organisation, ensuring it thrives amid challenges. Our foundation remains firm as we work towards our goal of being the most preferred bank for consumers and businesses in ASEAN.
ASEAN’s Resilience in a Changing World
Despite global uncertainties in 2024, ASEAN continues to demonstrate resilience. The region’s strong economic fundamentals, young and expanding workforce, and robust consumption have sustained growth. While geopolitical tensions and policy shifts pose risks, supply chain diversification is driving foreign investment into the region.
Key megatrends – digitalisation, sustainability investments and a rising middle class – will continue to fuel ASEAN’s dynamism. UOB is well positioned to ride on these trends, supporting our customers to fulfil their needs and aspirations.
Our ASEAN Commitment
UOB has been a trusted banking partner for consumers and businesses in Southeast Asia and Greater China for decades, growing through strategic acquisitions and organic expansion. Our unwavering commitment to these markets has strengthened our regional presence.
- In Thailand, we celebrated 25 years of operation in 2024 as the only Singapore bank with full banking services spanning three owned buildings.
- In Malaysia, with 73 years of history, we are now the largest foreign bank in the country, reinforcing our long-term commitment. Our UOB Plaza 1 in Kuala Lumpur was built during the COVID-19 pandemic years.
- In Indonesia, with more than 70 years of presence, we serve retail and SME clients across 16 provinces.
- In Vietnam, after operating in the market for more than 30 years, we now have 1,400 employees and a growing network in Ho Chi Minh City and Hanoi.
Across ASEAN, we invest for the long term, incorporating local subsidiaries and owning our buildings to drive sustainable growth and deepen customer engagement. We are committed to growing together with the people, businesses and communities in these markets.
UOB at 90 Years and Beyond
In 2025, UOB marks 90 years of growth - from a single branch along the Singapore River, to a leading bank with the widest footprint in the region.
Recognising the limits of our domestic market, we expanded strategically across ASEAN, acquiring banks and building scale where we have a competitive edge. This disciplined approach of pursuing growth with stability has positioned UOB as a regional leader.
Today, we are deeply rooted in Southeast Asia’s growth story. As the ASEAN region rises, UOB is poised to leverage our strengths, resilience and vision to achieve remarkable growth, propelling us forward towards our centennial and beyond.
Executing Our Three-Year Plan
At our Corporate Day 2024 in Kuala Lumpur, we laid out our strategic priorities to drive sustainable growth. By 2026, we aim to:
- diversify income by increasing non-interest income to 37 per cent of total revenue, driven by wealth, trade and customer treasury
- accelerate ASEAN growth, growing the ASEAN market contribution to 30 per cent of total group income while maintaining 50 per cent from Singapore
- enhance efficiency by optimising our cost structure to achieve a cost-to-income ratio of low 40s per cent
- maintain strong returns by sustaining a return on equity (ROE) at around 14 per cent
We continue to strengthen ASEAN connectivity and cross-border trade, leveraging synergies from the Citigroup acquisition and advancing sustainability and innovation initiatives.
Robust Financial Performance
UOB’s financial performance remained resilient in 2024. Total income for the financial year that ended 31 December 2024 grew to $14.3 billion, up 3 per cent from a year ago, and net profit rose 6 per cent to a record $6.0 billion.
Net interest income was stable at $9.7 billion as proactive balance sheet management and loan growth of 5 per centcushioned the impact of interest rate cuts. Net fee income grew 7 per cent from a year ago to $2.4 billion, led by double-digit growth in wealth management fees from improved investor sentiments and enhancements to our wealth management platforms. Card fees grew strongly on an enlarged regional franchise, and loan fees were higher as lending and capital market activities picked up. Other non-interest income rose 10 per cent to $2.2 billion, driven by robust customer-related treasury income from increased retail bond sales and strong hedging demands, as well as good performance from trading and liquidity management activities.
Excluding one-off expenses, core operating expenses for the full year increased 5 per cent to $6.1 billion compared with a year ago. The cost-to-income ratio (CIR) for 2024 was 42.5 per cent, reflecting our cost structure as a regional commercial bank. We are actively managing costs and enhancing productivity to achieve a CIR in the low 40s per cent in the next few years.
We are committed to reshaping our business mix and growing diversified revenue engines through a disciplined approach.
Over the past decade, we have invested $800 million to build regional capabilities in payments, trade, and cash management. These investments have transformed our wholesale business, fuelling CASA growth and strengthening connectivity flows across the region.
Building on this foundation, we are extending these capabilities to our private bank business with the launch of a new digital platform in 2025, further driving AUM and wealth fee growth.
Our ASEAN strategy requires long-term commitment and patience, but it will be rewarding when executed well.
Transformation Growth: Realising Synergies
UOB’s acquisition of Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam has supercharged our retail customer base to 8.4 million across ASEAN, accelerating our regional growth by five years.
In 2024, we wrapped up the integration of the portfolio in Thailand, following Malaysia and Indonesia in 2023, with Vietnam on track for completion this year.
Our expanded customer base is driving cross-sell synergies, solidifying UOB’s leadership as the top card issuer for Visa and Mastercard in ASEAN.
With acquisition costs tapering off, we are now laser-focused on deepening customer engagement to unlock further growth.
Doing Right by Our Customers
UOB is dedicated to long-term, stable growth across ASEAN, blending our physical presence with robust digital channels.
Our integrated regional platform enables seamless technology adoption and scalability, ensuring sustainable expansion.
Through our omni-channel strategy, we provide banking for our customers whenever they want, wherever they are.
- UOB TMRW serves retail customers across ASEAN digitally
- UOB Infinity supports corporate customers in 10 markets across ASEAN and Greater China, streamlining transaction banking and
- UOB SME app empowers businesses with on-the-go financial management.
Our regional digital platforms have strengthened cross-border and transaction banking, driving growth for businesses. With strong sector expertise and deep local market knowledge, UOB remains a trusted partner, helping customers navigate complexity and seize new opportunities.
Driving Sustainable Growth with Our Customers
UOB supports our customers in their sustainability journeys by providing sector-specific solutions and collaborating with ecosystem partners to build a more sustainable future.
Our net zero commitment targets emissions reduction in power, automotive, real estate, construction, and steel – key sectors in our portfolio. In 2024, we reported that we had exceeded reduction targets across all five sectors, reinforcing our leadership in responsible banking.
Beyond financing, we drive impact by partnering with like-minded leaders to amplify sustainability efforts. The Sustainability Impact Awards 2024, in its second year, recognised individuals and enterprises for their leadership in advancing sustainability.
Strengthening Communities
UOB is dedicated to driving meaningful change through corporate philanthropy and employee volunteerism, focusing on art, children and education.
- Our annual flagship event, the UOB Global Heartbeat Run/Walk, raised $2.4 million, supporting 25 charities to uplift disadvantaged children and families.
- My Digital Bootcamp has equipped children from lower-income families with essential digital tools and skills, with a $1.5 million investment across three seasons.
- The UOB Painting of the Year, in its 43rd year in 2024, continues to nurture artistic talent, while the newly-launched UOB Artist Alumni Network fosters greater collaboration among UOB artists across the region.
These initiatives reflect UOB’s long-term commitment to building a strong and more inclusive society.
Growing Our Timber for the Future
UOB invests in developing future-ready talent, ensuring that our people grow alongside the evolving financial landscape.
- The Better U Pivot Programme, in collaboration with Institutes of Higher Learning and industry partners, provides customised learning pathways to equip colleagues with critical skills for new roles and
- Our Artificial Intelligence (AI) and data analytics Centre of Excellence is a strategic initiative to build deep expertise in AI and data analytics, strengthening our competitive edge.
Digitalisation, automation and AI are transforming the financial sector and the broader economy. The rapid evolution of these technologies, along with the rise of regulated digital currencies and tokens, is reshaping industry dynamics. To stay ahead, we place innovation at the core of our strategy — enhancing efficiency, unlocking new opportunities and strengthening our competitive edge. This year, we will accelerate innovation-led initiatives across the Bank, ensuring we not only adapt to these shifts but also lead in shaping the future of finance.
At the same time, we are committed to reskilling and upskilling our workforce, fostering agility and adaptability in an increasingly fast-changing world. Through continuous investment in learning and development, we empower our people to drive innovation and serve our customers' and stakeholders' evolving needs.
Acknowledgements
In 2024, we revitalised our senior management team to ensure continuity and drive progressive growth. A heartfelt thanks to Lee Wai Fai and Eddie Khoo for their outstanding leadership and contributions to UOB over the years.
We have built a robust team of leaders equipped to drive long-term value creation. I am confident that our refreshed leadership team will strengthen UOB and create lasting impact for all stakeholders.
Our people are our greatest assets. To our colleagues, thank you for your dedication, resilience and commitment to UOB’s core values. I also extend my gratitude to the Board for its guidance and unwavering support as we work towards our goals.
Finally, to our customers and shareholders, thank you for your trust in UOB over the past 90 years. I look forward to your continued partnership as we build a better future for the people and businesses in ASEAN.
Wee Ee Cheong
Deputy Chairman and Chief Executive Officer
February 2025
