UOB Annual Report 2002 - United Overseas Bank

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Notes to the Financial Statements for the financial year ended 31 December 2002 14 Tax (continued) (b) Deferred tax asset is recognised for tax losses carried forward to the extent that the realisation of the related tax benefits through future taxable profits is probable. The Group has not recognised the deferred tax asset in respect of tax losses of $135,518,000 (2001: $99,829,000) which can be carried forward to offset against future taxable income subject to meeting certain statutory requirements of the relevant tax authorities. These tax losses have no expiry date except for the amount of $110,707,000 (2001: $78,841,000) which will expire between the year 2003 and 2007 (2001: 2002 and 2006). As at 31 December 2002, the Group has unremitted earnings of overseas branches and subsidiaries amounting to $1,371,262,000 (2001: $1,562,223,000). Deferred tax liability has not been established for withholding and other taxes that would be payable on these unremitted earnings as such amounts are permanently reinvested or remain invested offshore. The movements in the deferred tax assets and liabilities of the Group and the Bank (prior to the offsetting of balances within the same tax jurisdiction) during the financial year are as follows: Deferred Tax Liabilities 2002 2001 Fair Value of Fair Value Depreciable of Depreciable Properties Properties Accelerated Acquired in Accelerated Acquired in Tax Business Tax Business Depreciation Combination Others Total Depreciation Combination Others Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 The Group At 1 January As previously reported 52,621 – 10,512 63,133 44,785 – 4,283 49,068 Prior year adjustment resulting from adoption of revised SAS 12 – 53,087 – 53,087 – – – – As restated 52,621 53,087 10,512 116,220 44,785 – 4,283 49,068 Currency translation differences 80 – 44 124 210 – 35 245 Acquisition of subsidiaries – – – – 9,450 53,087 3,814 66,351 Charged/(credited) to income statement (1,391) (3,561) (1,483) (6,435) (1,824) – 2,380 556 At 31 December 51,310 49,526 9,073 109,909 52,621 53,087 10,512 116,220 112
2002 2001 Fair Value of Depreciable Properties Accelerated Acquired in Accelerated Tax Business Tax Depreciation Combination Others Total Depreciation Others Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 The Bank At 1 January 32,704 – 1,027 33,731 33,303 2,394 35,697 Currency translation differences (21) – 44 23 13 33 46 Transfer from subsidiaries upon merger 9,813 53,087 – 62,900 – – – Charged/(credited) to income statement (2,838) (3,561) 1,138 (5,261) (612) (1,400) (2,012) At 31 December 39,658 49,526 2,209 91,393 32,704 1,027 33,731 UNITED OVERSEAS BANK 113
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ANNUAL REPORT 2002 United for Growt
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Our Mission To be a premier bank in
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Performance in Brief Profit For The
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Profit growth was derived mainly fr
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Financial Highlights Group Assets 2
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Group Return On Average Shareholder
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Corporate Information Honorary Life
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Left to right: Koh Beng Seng, Ngiam
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Left to right: Tan Kok Quan, Prof L
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Mr Francis Lee Chin Yong Managing D
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The Bank has a budget for directors
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independent and non-executive direc
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work of each of the banking subsidi
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Risk Management Credit and Country
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The composition of loans and advanc
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Group Non-Performing Loans (NPLs) a
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Group NPLs and Cumulative Provision
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Group Specific Provision by Region
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Collateral Types The majority of th
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Exposure to the Five Regional Count
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Cross-Border Exposure to the Five R
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Complementing the static analysis i
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Sources of Deposits The Group has a
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The VaR calculations are performed
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Group Daily VaR Distribution for 20
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As part of the Group's comprehensiv
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The celebratory light-up linking UO
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services so as to meet the increasi
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Our subsidiary, UOB Asset Managemen
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Grow our services In line with the
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exercise, achieved well ahead of th
Page 63 and 64: processes in place that will suppor
Page 65 and 66: Group Financial Review Review of Fi
Page 67 and 68: Group Profits The Group achieved a
Page 69 and 70: Analysis of Changes in Net Interest
Page 71 and 72: Cost Savings from Integration The G
Page 73 and 74: Overview of Balance Sheet Assets Mi
Page 75 and 76: Gross Customer Loans Analysed by Cu
Page 77 and 78: Capital Adequacy Ratios The Capital
Page 79 and 80: Directors’ Report for the financi
Page 81 and 82: In addition, the following subsidia
Page 83 and 84: Arrangements to Enable Directors to
Page 85 and 86: Ability to Meet Obligations No cont
Page 87 and 88: Share Options of the Bank (a) From
Page 89 and 90: (d) (e) (f) No options have been gr
Page 91 and 92: Statement by Directors for the fina
Page 93 and 94: Income Statements for the financial
Page 95 and 96: The Group The Bank Note 2002 2001 2
Page 97 and 98: The Group 2001 Non- Share of Share
Page 99 and 100: The Bank 2001 Non- Share Share Dist
Page 101 and 102: Notes to the Financial Statements f
Page 103 and 104: (e) Investments (i) Singapore Gover
Page 105 and 106: (k) Derivative Financial Instrument
Page 107 and 108: 4 Interest Expense The Group The Ba
Page 109 and 110: (c) Equity Compensation Benefits Op
Page 111 and 112: 11 Directors’ Fees and Other Remu
Page 113: 14 Tax (a) The tax charge to the in
Page 117 and 118: Deferred tax assets and liabilities
Page 119 and 120: 18 Non-Distributable Reserves (a) T
Page 121 and 122: 19 Revenue Reserves (a) The Group 2
Page 123 and 124: (c) The interim dividend paid in sp
Page 125 and 126: 23 Debts Issued The Group The Bank
Page 127 and 128: (b) Included in other government tr
Page 129 and 130: (c) Total gross trade bills and adv
Page 131 and 132: 29 Other Assets The Group The Bank
Page 133 and 134: 32 Investments in Subsidiaries (a)
Page 135 and 136: 33 Movements in the Provisions for
Page 137 and 138: 34 Fixed Assets (a) The Group 2002
Page 139 and 140: (e) Certain freehold and leasehold
Page 141 and 142: 39 Derivative Financial Instruments
Page 143 and 144: (c) Derivative financial instrument
Page 145 and 146: The Group - 2001 Individual Institu
Page 147 and 148: (b) Secondary Reporting Format - Ge
Page 149 and 150: Discussions on the main financial r
Page 151 and 152: The Group - 2002 Hong Singapore US
Page 153 and 154: Other foreign exchange exposures of
Page 155 and 156: The Group - 2002 Non- Over 7 Over O
Page 157 and 158: The Group - 2001 Non- Over 7 Over O
Page 159 and 160: The Group - 2002 Over 7 Over Over O
Page 161 and 162: The Group - 2001 Over 7 Over Over O
Page 163 and 164: Where quoted and observable market
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Percentage of Paid-Up Capital Held
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Investor Reference Financial Highli
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1998 1997 1996 1995 1994 1993 1992
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1998 1997 1996 1995 1994 1993 1992
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Statistics of Shareholdings as at 1
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Changes in Share Capital The follow
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Our International Network Banking S
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United Overseas Bank (Malaysia) Bhd
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UOB Venture Management (Shanghai) C
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Notes to Resolutions 4, 6, 7, 8, 9,
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Notes: 1 Please insert the number o
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UOB Annual Report 2002 - United Overseas Bank

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