UOB CEO Wee Ee Cheong salary for FY2023 rose to S$15.9 million, up nearly 12%

SINGAPORE: United Overseas Bank (UOB) deputy chairman and CEO Wee Ee Cheong salary for FY2023 rose to S$15.9 million, marking a notable increase of nearly 12%.

According to The Edge Singapore, while Mr Wee’s base salary remained steady at S$S1.2 million compared to the previous year, his bonus witnessed a significant surge, climbing from S$13 million in 2022 to S$14.69 million in 2023.

The details came from UOB’s recently released 2023 annual report, unveiled on March 21.

According to the report, a substantial portion of Mr Wee’s variable pay, amounting to 60%, will be deferred and spread over the next three years. Of this deferred variable pay, 40% will be dispensed in deferred cash, while the remaining 60% will be awarded in the form of share-linked units.

Moreover, the perks Mr Wee receives, notably transport-related benefits, also experienced a slight uptick, rising from S$37,577 in 2022 to S$39,701 in 2023, including provisions such as a dedicated driver.

In contrast, UOB’s Board of Directors Chairman, Wong Kan Seng, received S$1.37 million in directors’ fees for the previous year, as disclosed in the same annual report.

Financially, UOB reported a core net profit of S$6.06 billion for the fiscal year 2023, ending on December 31, 2023, marking a significant milestone as it surpassed the S$6 billion mark for the first time. This figure represents a 26% surge compared to the bank’s core net profit of S$4.82 billion in the preceding fiscal year.

When factoring in the one-off costs associated with the integration of Citi, UOB’s net profit still exhibited a commendable growth, climbing by 25% year-on-year to S$5.71 billion, establishing another record high for the institution.

However, during the second half of the fiscal year 2023, the bank’s net profit rose by 9% year-on-year but experienced a 5% decline from the first half to S$2.79 billion.

The announcement of Mr Wee’s augmented remuneration comes in the wake of DBS Group Holdings disclosing a 27% pay cut for its CEO, Piyush Gupta, for the year 2023.

Mr Gupta’s total remuneration package amounted to S$11.23 million, a reduction aimed at acknowledging the responsibility for a series of digital disruptions encountered by the bank’s customers. /TISG

Read also: DBS CEO Piyush Gupta’s salary down 27% at S$11.2M after pay cut