The Asian Banker Thursday, 18 July 2024

Best Retail Bank 2023 in Singapore is UOB

5 min read

  • The winning bank adopted a balanced approach to expand its retail franchise to achieve double-digit growth in profit in 2022, supported by higher net interest income and lower credit allowance, while maintaining a historically low cost-to-income ratio at 34%.
  • With the acquisition of Citi’s consumer banking arms in Indonesia, Thailand, Malaysia and Vietnam, presented an opportunity to engage customers digitally on a larger scale and is set to double UOB’s retail customer base in these markets to more than 5 million.
  • Its personalised digital financial offering was enabled by data analytics and artificial intelligence and supported by integrated omnichannel service delivery. The bank saw 19% year-on-year growth in active mobile customers and 21% increase in digitally-engaged customers in 2022.
  • The bank maintained its non-performing loan ratio low at 0.4% in 2022.
  • For its sound organic growth in its home market, regional expansion via acquisition, and sharp lift in digital engagement, the Best Retail Bank in Singapore is UOB.
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