UOB chief’s salary climbs to S$10.9m in 2021

The group also reported a 40% surge in net profits for 2021.

UOB deputy chairman and chief executive officer Wee Ee Cheong saw his salary climb to $8.03m (S$10.9m) in 2021 amidst strong performance during the financial year.

The chief executive of UOB received $7.22m (S$9.8m) in 2020, down by 8.8% amidst the rise of the COVID-19 pandemic.

Wee’s salary is broken down into a base salary of $880k (S$1.2m), a bonus of $7.14m (S$9.7m), and benefits-in-kinds and others such as transport-related benefits including provisions for a driver totaling $27k (S$36.6k).

60% of the variable pay to Wee is deferred and will vest over the next three years. Of the deferred variable pay, 40% will be issued in deferred cash, whilst the remaining 60% will be in the form of share-linked units.

As an executive director, however, Wee does not receive a director fee for serving on the board and board committees as he is remunerated as an employee. He is also not eligible to participate in UOB’s revised share plan as he is a substantial shareholder.

Strong finish

UOB Group reported a 40% surge in net profit to $3.02b (S$4.1b), driven by strong income growth and lower credit allowance as Singapore and regional economies recovered. Return on equity also increased by 10.2% for the year.

Net interest income increased 6% against last year to $4.71b (S$6.4b), led by strong loan growth of 10% with net interest margin stable at 1.56% as a result of proactive balance sheet management.

Meanwhile, total operating expenses increased modestly by 3%. The cost-to-income ratio improved 1.5% points to 44.1%. 

Wee, in a statement, seemed optimistic for the potential of UOB in ASEAN.

“For UOB, we are well-positioned to capture the long-term opportunities of a resurgent ASEAN. We have been building a sustainable business with resilient asset quality. The ongoing transformation of our business, as well as the accelerated growth potential from our proposed Citigroup acquisition, provide us the foundation from which we can share a better future with our stakeholders,” Wee said.

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