Q4 net profit rose to S1.40 bln vs S1.37 bln estimate
2023 net interest margin at 2.09 vs 1.86 in 2022
Recommends final dividend of 85 Singapore cents a share
Wealth AUM rises 14 onyear to S176 bln

SINGAPORE, Feb 22 Reuters Singapore39;s United Overseas Bank UOB on Thursday cut its 2024 loan growth projections to low singledigits from midsingle digits after posting a strongerthanforecast 22 jump in fourth quarter net profit.

UOB maintained its 2024 guidance for doubledigit fee growth while projecting total income to see positive growth, UOB CEO Wee Ee Cheong said in a briefing on the bank39;s earnings.

Wee said UOB focuses on high quality customers for loan growth while it expected doubledigit fee growth would be led by its retail franchise in cards and wealth.

Credit costs for 2024 are expected to be at the lower end of its previous 25 to 30 basis points guidance range, he added.

2023 was a challenging year. We saw slowing demand globally, more geopolitical tensions, sticky inflation and higher interest rates, Wee said. We expect some of these to persist this year but the impact should be manageable.

Wee said Southeast Asia remained a bright spot due to robust domestic demand, recovery in tourism and investment flows into the manufacturing sector as multinational companies diversified supply chains.

Shares of UOB dropped 2.4 Thursday in early trade, underperforming the local benchmark index39;s 0.5 decline.

Singapore39;s banks, the largest in Southeast…