Press Release 2018
UOB Malaysia's profit after tax increases by four per cent to RM1.14 billion in 2017
The Bank continues to build its digital capabilities to make banking simpler and more convenient and to enhance the customer experience
Kuala Lumpur, Malaysia, 23 April 2018 - United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has reported a net profit after tax of RM1.14 billion for the financial year ending 2017, four per cent higher than it was the previous year.
On the back of steady loan growth and higher interest income from available-for-sale securities, the Bank's net interest income increased by 5.4 per cent to RM2.02 billion. Non-interest income reported a growth of 5.2 per cent to RM0.9 billion, supported by higher fee income, as well as trading and investment income. Total operating income increased by 6.0 per cent to RM3.0 billion.
UOB Malaysia continued to manage expenses prudently and maintained a cost-to-income ratio of 38.6 per cent in 2017. Total operating expenses increased by 6.2 per cent to RM1.14 billion as the Bank stepped up investments in digital and technology infrastructure to drive its performance over the long term and to enhance the customer experience.
Mr Wong Kim Choong, Chief Executive Officer, UOB Malaysia, said that the Bank's achievements were the result of a sharpened focus on its strategic priorities. These include strengthening its digital capabilities and technology systems to deliver excellent customer service and to help our clients achieve operational efficiencies.
"As our 2017 results reflect, we forged ahead to achieve our strategic priorities and continued to invest for the future. While we innovate and keep pace with advances in technology, we do so with the purpose of making banking smarter, simpler, safer and faster for our customers. Over the past year, we focused on providing our retail customers with convenient and secure online and mobile payment options to suit their lifestyle needs. We also harnessed technology to offer companies integrated cross-border solutions to help them improve their business efficiency as they grow and expand throughout Asia."
A growing digital print
In 2017, UOB Malaysia made banking easier for customers with the introduction of the UOB Mighty mobile application (app). UOB Malaysia was the first bank in Malaysia to launch a mobile banking app that integrates banking, dining and payment features in a single app. The mobile app also enables customers to digitise their UOB credit and debit cards with their NFC1 -enabled Android smartphones and to make contactless payments effortlessly.
The Bank also enhanced its personal internet banking platform to provide customers greater ease and convenience when transacting and managing their accounts online. To give its customers a greater online banking experience, UOB Malaysia improved its personal internet banking user interface, made it mobile-optimised and added new functions such as precious commodity trading.
In 2017, UOB Malaysia also enhanced its back-office payment systems to offer seamless financial solutions and services to its clients with the launch of the UOB Business Internet Banking Plus (BIBPlus).
"To help more companies expand and invest across Asia, we continued to provide market-leading support across all segments, enhanced our cash management solutions, strengthened our financial supply chain management capabilities and rolled out the UOB BIBPlus. With the launch of BIBPlus, we are able to help our clients improve their operating efficiencies in managing payments and collections, optimising cash flow and managing their account receivables more efficiently," Mr Wong said.
When commenting on UOB Malaysia's priorities in 2018, Mr Wong said that the Bank will continue to focus its attention on developing and strengthening its digital capabilities to meet customers' needs.
"We will build on our strengths in connecting businesses with opportunities domestically and across the region, in harnessing technology to make banking more convenient and in providing the right solutions for our customers, both through conventional and Islamic banking," Mr Wong said.
UOB Malaysia's ability to deliver industry-leading solutions and services earned it the award for Best International Bank in Malaysia for 2017 at the Asiamoney Best Bank Awards.
UOB Malaysia's annual report is available at www.uob.com.my.
1 NFC or Near Field Communication enables short range communication between two compatible devices. This requires at least one transmitting device, and another to receive the signal.
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