UOB’s CEO, Wee Ee Cheong’s total salary for the year of 2023 had increased by 12%, according to an article by the Straits Times.
It reached $15.9 million in 2023, as compared to $14.2 million in 2022.
Received an even higher salary jump of 30% in 2022
The increase was less than the 30% salary jump Mr. Wee received in 2022. His compensation package for 2023 comprised a $1.2 million base salary, a $14.7 million bonus, and $39,700 worth of benefits-in-kind and other travel-related allowances.
According to UOB’s annual report on March 21, Mr. Wee’s variable pay is mainly deferred for the next three years. Of this, 40% will be in deferred cash, while the remaining 60% will be in the form of share-linked units.
This comes as UOB’s full-year core earnings reached a record-breaking $6.1 billion, a 26% increase from the previous year.
However, the bank’s net profit for the year increased by 25% to $5.7 billion after excluding one-off expenses from the integration of Citigroup’s consumer banking business in four South-east Asian markets.
Fellow local bank DBS CEO’s salary however dipped
While UOB’s profits soared, the same could not be said for DBS CEO, Mr. Piyush Gupta, who experienced a 27% decrease in his pay.
In 2023, Mr. Gupta’s salary was $11.2 million, down from $15.4 million in 2022. DBS attributed the reduction in the 2023 variable compensation for its CEO and other members of the group management committee to hold them accountable for a series of digital disruptions.
Improved business despite all the global uncertainties
With the integration of Citigroup’s consumer banking business, UOB’s retail customer base has expanded to over eight million customers across the region.
The bank integrated the new businesses in Malaysia and Indonesia with UOB’s platforms in 2023, with plans to integrate the Thailand business in the first half of 2024 and Vietnam in 2025.
Despite the global economic uncertainties and challenges in 2023, UOB’s full-year core earnings grew by 26%, driven by strong income growth and a larger customer franchise.
The bank’s credit card fees reached an all-time high in the fourth quarter of 2023, thanks to contributions from the expanded regional franchise and robust consumer spending in the region.
UOB also made headlines in 2023 by becoming the official bank and pre-sale partner of Taylor Swift’s The Eras Tour in Singapore and the regional presenting sponsor for Ed Sheeran’s +-=÷x’s Tour in Indonesia, Malaysia, Singapore, and Thailand.
The bank plans to extend lifestyle offerings that meet the needs and aspirations of its customers. UOB’s positive outlook for the Asean region is due to domestic demand, moderating inflation, and increased trade and investment flows.
The bank is well-positioned to capitalize on this growth, with the acquisition of Citigroup’s consumer units in Indonesia, Malaysia, Thailand, and Vietnam.
Image source: UOB