UOB Malaysia chief executive officer Wong Kim Choong
KUALA LUMPUR: United Overseas Bank (M) Bhd (UOB Malaysia) posted a 3.7% year-on-year increase in total operating income to RM3.21bil in 2020.
The banking group’s net profit, however, was 16.8% lower at RM1.02bil as it was proactive in making pre-emptive provisioning on its assets given the uncertainties arising from the economic impact of the Covid-19 pandemic.
In a statement Monday, UOB Malaysia said its higher operating income was attributed to the 5.7% growth in net interest income to RM2.20bil, driven by proactive balance sheet management.
However, the increase in net interest income was partially offset by the effects of the reductions in the overnight policy rate to a historical low of 1.75% between Jan 22 and July 7, 2020.
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