[SINGAPORE] UOB chief executive officer Wee Ee Cheong’s annual salary for 2024 dipped, despite the bank reporting a record net profit for the full year.

Wee, who is also deputy chairman of the bank, was paid S$15 million, which comprises a salary of S$1.44 million and a bonus of S$13.56 million, UOB’s 2024 annual report showed on Friday (Mar 21).

Other benefits in kind, including transport and event-related perks, amounted to S$46,944.

His annual package is down 5.5 per cent from the S$15.9 million he was paid in 2023. His 2024 salary was 2 per cent higher than the year before, even as his bonus fell 7.7 per cent from the S$14.69 million in 2023.

The report noted that 60 per cent of his variable pay is deferred and will vest over the next three years. Of the deferred variable pay, 40 per cent will be issued in deferred cash, while the remainder will be in the form of share-linked units.

The CEO’s remuneration fell even though UOB posted a 5.8 per cent increase in net profit to a record S$6.05 billion.

Wee’s total salary is also lower than that of outgoing DBS CEO Piyush Gupta, who received a 56.5 per cent y...