After DBS Group (SGX: D05) reported a sparkling set of earnings for 2023, United Overseas Bank Ltd (SGX: U11), or UOB, is next in line to announce its full-year results. And UOB did not disappoint, either. The lender saw its core net profit hit a record high as it upped its final dividend to S$0.85. Here are five highlights from the bank’s latest earnings report.

1. A robust financial performance

For 2023, UOB saw its net interest income (NII) rise 16% year on year to S$9.7 billion, boosted by overall higher interest rates. Fee and commission income inched up 4% year on year to S$2.2 billion while other non-interest income surged 85% year on year to S$2 billion. As a result, the lender’s total income climbed 20% year on year to S$13.9 billion. With operating expenses rising by just 15% year on year, the bank’s operating profit jumped 24% year on year to S$8.2 billion....