The banking group reported a broadly stronger set of results. It has acquired banking businesses in the past year from Citigroup in Malaysia and Indonesia, and is working on embedding Thailand and Vietnam businesses in the coming months.

Singapore-headquartered United Overseas Bank earlier this week reported a 26 per cent year-on-year rise in core net profit of S$6.1 billion ($4.54 billion) for 2023. 

When the off-costs of acquiring Citigroup’s Indonesian consumer banking business are included, net profit was S$5.7 billion, UOB said in a statement. 

Net interest income rose by 16 per cent on a year earlier to S$9.7 billion, helped by margin expansion of 23 basis points and a loan growth of 2 per cent in constant currency. Net fee income grew 4 per cent to S$2.2 billion, led by higher credit card and wealth fees, although this was moderated by softer loan-related fees.

“Our Citigroup integration is on track. We have successfully integrated our Citigroup portfolios in Malaysia and Indonesia, with Thailand and Vietnam following suit in the coming months,” Wee Ee Cheong, UOB’s deputy chairman and chief executive, said.