Singapore’s UOB is betting on Southeast Asia for growth after posting record profit

(Credit: Courtesy of UOB)

Shares of United Overseas Bank (UOB), one of the three major banks in Singapore, hit a record high on Wednesday following strong profit growth.

UOB’s stock price rose 1.4% to 39.20 Singapore dollars ($29.17) after the bank reported a record net profit of 6 billion Singapore dollars ($4.47 billion) for the year ended Dec. 31, 2024, up 6% from a year ago.