UOB Profit Rises on Higher Credit Card, Wealth Management Fees.

United Overseas Bank (UOB) reported a 7% increase in net income for the fourth quarter of 2023, driven by higher fee income from wealth management and credit cards. The bank's credit card fees saw a significant surge of 66% to a record high of S$382 million. UOB's CEO, Wee Ee Cheong, acknowledged the uncertain global economic outlook but highlighted Southeast Asia as a bright spot. UOB's strong performance aligns with that of its rival, DBS Group Holdings, although both banks may face challenges as interest rates are expected to decline this year. [Extracted from the article]

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