United Overseas Bank (UOB) deputy chairman and chief executive officer Wee Ee Cheong drew a nearly 12% higher pay package in 2023, reaching a total of $15.9 million.
While his salary of $1.2 million has remained unchanged y-o-y, Wee’s bonus grew from $13 million in 2022 to $14.69 million in 2023.
According to UOB’s 2023 annual report, released on March 21, 60% of Wee’s variable pay is deferred and will vest over the next three years. Of the deferred variable pay, 40% will be issued in deferred cash, while the remaining 60% will be in the form of share-linked units.
Transport-related benefits, including the provision of a driver for Wee, grew from $37,577 in 2022 to $39,701 in 2023.
Wong Kan Seng, chairman of UOB’s Board of Directors, received $1.37 million in directors’ fees last year.
UOB reported a core net profit of $6.06 billion for the FY2023 ended Dec 31, 2023, crossing the $6 billion mark for the first time. The figure, which is a record for the bank, is 26% higher than the bank’s core net profit of $4.82 billion in the FY2022.
See also: UOB’s core net profit for FY2023 up by 26% y-o-y to $6.06 bil
Including the one-off Citi integration costs, UOB’s net profit was up by 25% y-o-y at $5.71 billion for the year, which is also a new high. For the 2HFY2023, the bank’s net profit rose by 9% y-o-y but fell by 5% h-o-h to $2.79 billion.
Earlier this month, DBS Group Holdings revealed that its CEO Piyush Gupta took a 27% pay cut for 2023, for a total remuneration package of $11.23 million. Gupta's pay cut was to signal responsibility for a series of digital disruptions experienced by the bank's customers.
As at 10.16am, shares in UOB are trading 25 cents higher, or 0.86% up, at $29.16.
