Shares of Singapore-based United Overseas Bank surged to a record high on Friday after its billionaire CEO Wee Ee Cheong said they are considering returning excess capital to shareholders on the back of the lender’s robust earnings.

“We will consider a higher dividend or whatever it is” as part of capital management initiatives, Wee said at the bank’s quarterly earnings media briefing. UOB shares jumped 7.2 % to close at a record high of S$35.69 in Singapore trading.

Chief financial officer Lee Wai Fai said UOB has an excess capital of as much as S$2.5 billion ($1.9 billion) that it could return to shareholders in the form of higher dividend payouts or share buybacks. Singapore’s third-largest lender by market value is considering returning excess capital after bigger rival DBS Group announced a S$3 billion share repurchase program yesterday.

Besides the capital return, UOB may also consider deploying the excess capital to fund growth opportunities such as potential acquisitions. “We’re always on the lookout [for acquisitions] but ultimately it has to be the right fit,” Wee said. “The last thing we want is to make any acquisition that could derail our organic growth,” he said, adding that acquisitions take up a lot of the management’s time.

UOB completed the S$4.9 billion acquisition of Citibank’s consumer banking operations in Indonesia, Malaysia, Thailand and Vietnam in November 2023. “The acquisition gave us a better profile,” Wee said in an interview published by Forbes Asia last month.

The acquisition bolstered the group’s consumer banking and wealth management business, which helped UOB generate record-high fee income of S$630 million in the third quarter. Core net profit (excluding exceptionals) rose 11% year-on-year to S$1.6 billion during the quarter, also a record. “Backed by our strong balance sheet and core franchise, we are well-positioned to maintain the momentum of revenue growth,” Wee said in statement.

UOB is among the assets left by banking and real estate titan Wee Cho Yaw—who passed away in February this year at age 95—to his family. With a net worth of $7.8 billion, the Wee family is among the wealthiest in Singapore. The late tycoon’s three sons—Ee Cheong, Ee Chao and Ee Lim—joined the Forbes billionaires list in April this year. Ee Cheong is the deputy chairman and CEO of UOB, while Ee Lim is chairman of UOL and Ee Chao is chairman of Haw Par, maker of the Tiger Balm analgesic.