UOB Group recently published its earnings results for the fourth quarter of 2024, and there are several noteworthy highlights you should know about.
Firstly, the group achieved a net profit of S$6.0 billion for the full year, which marks an impressive 6% increase compared to the previous year. This milestone was largely propelled by an upswing in fee income and robust trading and investment performance.
Shareholders will be pleased to learn about the total dividend for FY24, which amounts to S$1.80 per share with a payout ratio of 50%. Additionally, to commemorate its 90th anniversary, UOB is offering a special dividend of 50 cents per share in FY25.
Moreover, UOB announced a S$3 billion capital return initiative. This includes a S$0.8 billion special dividend, once again translating to 50 cents per share, along with a substantial S$2 billion share buyback program.
Drilling down into the details, the bank’s net interest income nudged up slightly to S$2.45 billion in the final quarter of 2024. This rise was primarily due to steady loan growth, which helped counterbalance the effects of a reduced net interest margin. However, it’s worth noting that the net interest margin experienced a dip, shaping some of the financial landscape UOB navigated.
Overall, UOB’s strategic initiatives and sound financial footing suggest a firm position as they move forward.
