United Overseas Bank : UOB Group 1Q24 Trading Update CEO Slides

Resilient performance with healthy balance sheet

CEO remarks

Wee Ee Cheong, Deputy Chairman and Chief Executive Officer

For the first quarter ended 31 March 2024

Private and Confidential

Robust results delivering balanced growth

Resilient core net profit1	Fuelled by diversified	Continued to operate from
	engines	position of strength

1Q24: S$1.6 billion	Net interest income	Common Equity Tier 1
+5% QoQ	S$2.4 billion	13.9%
-1% YoY	-2% YoY	Liquidity coverage ratio
	NIM stable at 2.02%
	160%
	Net fee income	Net stable funding ratio
	S$580 million
	121%
	+5% YoY
	Core cost-to-income ratio1
	41.9%

1 Excluded the one-off expenses related to the acquisition of Citigroup's Malaysia, Thailand and Vietnam consumer banking business.	2

Group Retail Banking: Diversified revenue streams supporting a balanced business

Key drivers

Enhanced wealth offerings

Wealth management income*	New app capabilities
+15% YoY	on TMRW SG as part
	of our refreshed
Total AUM at S$179 billion	wealth offerings
+11% YoY
Deposit balances	Provide solutions
to grow clients'
+9% YoY
wealth
Credit card fees	sustainably
+11% YoY

• Includes wealth management-related income booked under Global Markets

UOB X Citi

Malaysia, Indonesia and

Thailand: Integration

completed

Focusing on cross-sell

synergies

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Group Wholesale Banking & Markets: Resilient performance despite challenging environment

Robust cash	Strength in	Resilient loan and	Strong trading and
management	connectivity	trade-related fees	investment income
revenue

Average CASA	Cross-border income	1Q24 loan and trade-	1Q24 customer-related
balances	~25% of GWB income	related fees	trading and investment
Almost doubled	Group transaction	+3% YoY	income
since 2018		+8% YoY
	banking income
	~53% of GWB income

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Delivering stable and balanced growth

2024 outlook

• Low single-digit loan growth

• Double-digit fee growth

• Total income to see positive growth

• Core cost-to-income ratio at around 41% to 42% on cost discipline

One-time costs from Citigroup acquisition to substantially roll off

• Credit costs at lower end of 25- 30 basis points

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