UOB chief's pay up 12% to $10.56m in 2018

United Overseas Bank (UOB) chief executive officer Wee Ee Cheong was paid $10.56 million last year, up 12 per cent from the $9.4 million he got in 2017.

Most of his pay package came from his bonus, which rose to $9.33 million from $8.14 million in 2017, according to the bank's annual report on Wednesday.

In comparison, DBS Group Holdings CEO Piyush Gupta enjoyed a 15.5 per cent pay rise to $11.9 million last year.

The bulk of Mr Gupta's pay came from his cash bonus and share plan, which rose to $4.5 million and $6.1 million respectively.

UOB's net profit and revenue hit record highs last year, thanks to efforts in tapping intra-regional flows bearing fruit. The bank saw a threefold increase in deposit inflows in the past three years, with cross-border revenue making up 25 per cent of its wholesale banking income.

This year, the bank said it expects market volatility to remain elevated, with key risks coming from ongoing United States-China trade tensions, US fiscal and monetary policy settings, and a slowing China.

In its financial results briefing in February, UOB said it expects mid single-digit growth for both loans and fee income, and net interest margin to be flat or see "limited potential upside" this year.

UOB has also been making an e-payments push, adding 112 near-field communication contactless automated teller machines here last year.

A version of this article appeared in the print edition of The Straits Times on April 05, 2019, with the headline 'UOB chief's pay up 12% to $10.56m in 2018'. Print Edition | Subscribe