KUALA LUMPUR, Aug 14 (Bernama) -- United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is strategically positioning itself for sustained growth, with a focus on improving its current account and savings account (CASA) mix and expanding its retail banking segment.
Chief executive officer Ng Wei Wei said the bank aims to increase its CASA ratio from the current 37 per cent to over 48 per cent by 2026, a move expected to drive down funding costs and enhance profitability.
She said UOB has been witnessing a steady increase in its retail and wholesale banking segments, particularly in the retail sector, which has experienced substantial growth with a consistent rise in new CASA accounts each month.
“This expansion is supported by our robust digital platforms, which have onboarded 55 per cent of new retail customers,” she told a media briefing during the UOB Corporate Day 2024 here today.
Ng also noted the quality of new accounts, saying that the average balance per account remains strong and contributed positively to the bank's financial health.
“The wholesale segment has also demonstrated resilience, particularly through the Infinity Business Digital platform, which has strengthened CASA balances in this sector.
“This dual growth in both retail and wholesale segments has contributed to the bank's overall CASA mix, positioning it favourably for future growth,” she added.
In line with Malaysia's broader economic goals, UOB Malaysia is capitalising on key growth sectors such as high-value-added manufacturing, renewable energy, and the digital economy, said Ng.
“These sectors are seen as critical drivers in propelling the nation toward high-income status by 2030, as outlined in the New Industrial Master Plan 2030.
“The green agenda, particularly in renewable energy, and the digital economy are where we expect to see significant investment which will, in turn, spur economic growth,” she said.
Looking ahead, Ng said UOB Malaysia remains optimistic about its growth trajectory and expects to exceed last year's record profit, driven by a combination of top-line growth, cost management and strategic investments in key sectors.
-- BERNAMA
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