In 2023, UOB’s CEO Wee Ee Cheong received a pay rise after the bank’s full-year core net profit hit a new record.
His salary increased to a total of S$15.9 million, 12% higher than his salary of S$14.2 million in 2022.
The figures were released in UOB’s annual report published today (21 March).
According to the annual report, Mr Wee’s yearly base salary of S$1.2 million remained unchanged.
The bulk of the CEO’s salary came from his bonus which amounted to S$14.69 million.
The total renumeration Mr Wee received came up to S$15,929,701.
Transport-related benefits amounting to S$39,701 and benefits-in-kind were also included in Mr Wee’s annual remuneration.
UOB noted that 60% of Mr Wee’s variable pay is deferred and will vest over the next three years.
40% of the deferred variable pay will be issued in deferred cash, while the remaining sum will be in the form of share-linked units.
Mr Wee’s salary in 2023 surpassed the salary of DBS CEO Piyush Gupta.
The latter took home S$11.2 million in 2023 after a 27% pay cut due to the bank’s slew of digital disruptions that year.
Mr Gupta also received a 30% cut in variable pay in February.
According to the report, UOB’s full-year core net profit increased by 26% to S$6.1 billion in 2023.
This marked the first time the company’s profits surpassed S$6 billion.
Source: UOB
In the report, Mr Wee said UOB operates from a position of strength in ASEAN and is confident in the bank’s future.
“Growth in the ASEAN region is expected to remain strong due to domestic demand, moderating inflation and increased trade and investment flows,” he said.
Mr Wee also thanked the bank’s stakeholders for their support.
“I look forward to your continued support as we focus our efforts on becoming the most preferred bank for consumers and businesses in ASEAN.”
Also read: DBS CEO Piyush Gupta gets 27% pay cut in 2023, takes home S$11.2M
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Featured image adapted from UOB on Facebook and UOB.
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