UOB Total Income Hit SGD 14.3 Billion in FY2024, Net Profit Up 6% to Record SGD 6.0 Billion
Total income grew 3% YoY, driven by double-digit wealth management and card fee growth; net profit set a new high.
By Rajesh Iyer·April 13, 2026·4 min readOrionmano Industries
Total income grew 3% YoY, driven by double-digit wealth management and card fee growth; net profit set a new high.
Record Net Profit and Income Growth
UOB’s FY2024 total income reached SGD 14,294 million (USD 10.5 billion at SGD/USD 0.747), a 3% increase from SGD 13,932 million in FY2023, and net profit rose 6% to a record SGD 6,045 million (USD 4.5 billion) attributable to equity holders. Operating profit increased 1% to SGD 8,220 million. The record net profit of SGD 6.0 billion was confirmed across both the bank's annual report and its audited financial results filing.
Exhibit
UOB Net Profit: FY2023 vs FY2024
Net profit rose 6% to a record SGD 6.0 billion in FY2024.
Net Profit (SGD million) ($m)Source: Orionmano Industries
Income Composition and Drivers
Total income growth was balanced across interest and non-interest revenue streams, with the latter emerging as a key driver of earnings momentum.
Net interest income remained virtually stable at SGD 9,674 million, a marginal decline of 0.1% from SGD 9,679 million in FY2023. Loan growth of 5% and proactive balance sheet management largely offset the impact of interest rate cuts during the year. Net interest income continues to represent the majority of UOB's revenue base.
Net fee and commission income grew 7% to SGD 2,395 million, the standout performer within non-interest income. Double-digit growth in wealth management fees, driven by improved investor sentiment and platform enhancements, led the category. Card fees grew strongly on the back of UOB's enlarged regional franchise, and loan fees improved as lending and capital market activities picked up across ASEAN markets.
Other non-interest income increased 10% to SGD 2,225 million, supported by higher customer treasury income and favourable market conditions.
The combined non-interest income—net fee income plus other non-interest income—totaled SGD 4,620 million, representing 32.3% of total income in FY2024, underscoring UOB's progress toward its stated target of increasing non-interest income to 37% of total revenue.
Exhibit
UOB Total Income Breakdown by Component, FY2024
Net interest income makes up the largest share, but non-interest income contributed SGD 4.6 billion.
%Source: Orionmano Industries
Strategic Targets and Regional Ambition
UOB's annual report for 2024 articulates a medium-term financial framework focused on income diversification, ASEAN expansion, cost discipline, and shareholder returns—supported by synergies from the Citigroup acquisition across the region.
The bank targets increasing non-interest income to 37% of total revenue, driven by wealth management, trade finance, and customer treasury activities. In FY2024, non-interest income stood at 32.3%, leaving meaningful room for growth as UOB deepens its wealth management franchise and cross-border trade capabilities.
On geographic diversification, UOB aims to grow the ASEAN market contribution to 30% of total group income, while maintaining 50% from Singapore. This reflects a deliberate strategy to reduce over-reliance on the domestic market and capture growth from Indonesia, Malaysia, Thailand, and Vietnam (ASEAN-4)—which already formed more than half of group card billings in 2024.
Cost efficiency remains a core target. UOB aims to achieve a cost-to-income ratio in the low-40% range. For FY2024, operating expenses grew 5% to SGD 6,074 million, partly reflecting investment in the enlarged franchise. With operating profit of SGD 8,220 million and total income of SGD 14,294 million, the cost-to-income ratio stood at approximately 42.5% in FY2024, already within the target band.
The bank targets sustaining a return on equity (ROE) at around 14%. While the medium-term ROE target remains a guidepost, net interest margin compression from expected further rate cuts in FY2025 represents a headwind that will test income growth and cost discipline in the coming year. UOB's ability to offset margin pressure through fee income growth and balance sheet optimisation will be central to maintaining ROE near the 14% goal.
Synergies from the Citigroup acquisition remain a strategic lever. UOB stated that it continues to strengthen ASEAN connectivity and cross-border trade, leveraging the acquired franchise to deepen its regional network and capture increased trade and investment flows across Southeast Asia.
Outlook
UOB enters FY2025 with record earnings but faces a more challenging rate environment. Fee income diversification and ASEAN expansion provide a buffer against net interest margin compression from monetary easing. The bank's stated targets—37% non-interest income mix, 30% ASEAN income contribution, low-40s cost-to-income ratio, and ~14% ROE—provide clear medium-term benchmarks. Execution against these metrics, particularly the pace of non-interest income growth and cost control, will determine whether UOB can sustain the earnings momentum established in FY2024.
