UOB Malaysia said the operating expenses rose by 69.7 per cent year-on-year to RM2.3 billion in 2022.
In a statement today, UOB Malaysia said the operating expenses rose by 69.7 per cent year-on-year to RM2.3 billion in 2022, largely attributed to the one-off cost of acquiring Citigroup’s consumer banking business in the country.UOB Malaysia said the weaker net profit in 2022 was also partly due to its continued investment in technology infrastructure to support its future business growth.
At the same time, the bank reported that its net interest income increased by 11.3 per cent y-o-y to RM2.7 billion due to its proactive balance sheet management, coupled with the favourable movements in interest rates throughout 2022. On its retail lending portfolio, UOB Malaysia said that combined with the retail franchise from the Citi consumer banking business, its gross loans, advances and financing grew significantly to RM105.7 billion in 2022 from RM90.0 billion in the previous year."The bank’s asset quality remained robust. With the strong post-pandemic economic recovery, the total allowance for expected credit losses declined by 70.9 per cent or RM340.7 million.
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