UOB's Q4 earnings up 22% to $1.4b on credit card, wealth fees

Full-year core earnings grew 26% to 6.1 billion from strong income growth

- Prisca Ang

UOB chief executive Wee Ee Cheong said 2023 was a challenging year amid a slowdown in global demand, more geopolitical tensions, sticky inflation and higher interest rates.

"We expect some of this to persist this year, but the impact should be manageable," said Mr Wee, adding that while the global economic outlook remains uncertain in the near term, South-east Asia continues to be a bright spot.

"Domestic demand remains robust, tourism is recovering well and the region is still a magnet for manufacturing investments as MNCs (multinational corporations) diversify their supply chains," Mr Wee said at his first results briefing since the death of his father, former UOB chief executive and chairman Wee Cho Yaw, on Feb 3.

Asked about succession planning and what will happen to the late Mr Wee's stake in the bank, the chief executive noted that the late Mr Wee had not been involved in the bank's operations for eight to 10 years.

Most of his stake is in the family's companies, and his personal stake will most likely be distributed to his children and grandchildren.

"When we talk about succession planning, we are growing our own timber. If the family members are interested, they're more than welcome. But I think they need passion, love and the desire to be part of the team. In the meantime, I'm growing my timber professionally," said Mr Wee.

His brothers Mr Wee Ee Chao and Mr Wee Ee Lim - hold positions in UOB and are substantial shareholders. They are also on the board of leisure and healthcare group Haw Par Corp, famed for its Tiger Balm ointment.