Notes to the Financial Statements for the financial year ended 31 December <strong>2002</strong> 36 Consolidation of Special Purpose Entity (continued) The effects of the consolidation on the Group’s balance sheet as at 31 December <strong>2002</strong> and the income statement for the financial year then ended are as follows: The Group Increase/(Decrease) $’000 Balance Sheet Assets Placements and balances with banks and agents 70,277 Investment securities 816,383 Other assets 13,178 899,838 Liabilities Debts issued 852,411 Other liabilities 44,427 896,838 Off-Balance Sheet Items Derivative financial instruments (contract or underlying principal amount) (1,154,568) Income Statement Profit after tax for the year 3,000 37 Dividends The directors have proposed a final dividend in respect of the financial year ended 31 December <strong>2002</strong> of 25 cents per share net of tax at 22%, amounting to a total of $306,463,000. These financial statements do not reflect this proposed dividend, which will be accounted for in shareholders’ equity as an appropriation of retained profits in the year ending 31 December 2003. The proposed final dividend in respect of the financial year ended 31 December 2001 was 25 cents per share net of tax at 22%, amounting to a total of $306,366,000 based on the number of shares in issue on 31 December 2001. 38 Contingent Liabilities The Group The <strong>Bank</strong> <strong>2002</strong> 2001 <strong>2002</strong> 2001 $'000 $'000 $'000 $'000 Direct credit substitutes 3,244,290 2,953,396 3,340,645 1,882,535 Transaction-related contingencies 3,632,120 2,700,046 2,911,975 979,080 Trade-related contingencies 1,806,060 2,019,823 1,378,571 639,083 Other contingent liabilities 236,501 114,918 171,064 34,562 8,918,971 7,788,183 7,802,255 3,535,260 In the normal course of business, the Group and the <strong>Bank</strong> conduct businesses involving acceptances, guarantees, performance bonds and indemnities. The majority of these facilities are reimbursable by corresponding obligations of customers. These contingent liabilities are unsecured. 138
39 Derivative Financial Instruments (a) The Group Contract or Trading Derivatives Total Derivatives Underlying Principal Fair Values Fair Values Amount Assets Liabilities Assets Liabilities $’000 $’000 $’000 $’000 $’000 <strong>2002</strong> Foreign Exchange Contracts Forwards 6,515,318 105,348 53,300 105,421 53,425 Swaps 77,252,945 963,335 993,300 987,669 1,052,909 Options purchased 6,875,269 65,013 – 65,189 – Options written 8,078,330 – 66,780 – 66,838 Interest Rate Contracts Forward rate agreements 2,758,502 1,132 2,097 1,149 2,104 Swaps 26,885,279 536,937 648,304 589,619 707,572 Futures 1,800,952 1,137 3,147 1,137 3,147 Options purchased 266,795 1,581 – 2,058 – Options written 186,795 – – – 477 Equity-Related Contracts Swaps 48,935 – – 1,942 1,942 Futures 11,221 36 41 36 41 Options purchased 94,585 1,081 – 1,081 – Options written 158,343 – 6,625 – 6,625 Credit-Related Contracts Credit default swaps 346,134 101 – 1,137 7,589 131,279,403 1,675,701 1,773,594 1,756,438 1,902,669 2001 Foreign Exchange Contracts Forwards 5,090,877 54,923 56,176 55,507 56,437 Swaps 52,994,548 595,292 553,101 851,300 716,888 Options purchased 2,039,132 17,380 – 17,380 – Options written 1,678,972 – 14,291 – 14,291 Interest Rate Contracts Forward rate agreements 28,348 – – 3 – Swaps 18,623,942 173,268 162,291 191,901 182,730 Futures 957,496 1,085 1,183 1,085 1,183 Options purchased 94,401 – – 416 – Options written 94,401 – – – 416 Equity-Related Contracts Swaps 49,594 1,050 1,049 1,050 1,049 Futures 16,931 550 – 550 – Options purchased 33,196 28 – 28 – Options written 40,703 – 4,809 – 4,809 Credit-Related Contracts Credit default swaps 465,841 200 5,849 200 5,849 82,208,382 843,776 798,749 1,119,420 983,652 UNITED OVERSEAS BANK 139
- Page 1 and 2:
ANNUAL REPORT 2002 United for Growt
- Page 3 and 4:
Our Mission To be a premier bank in
- Page 5 and 6:
Performance in Brief Profit For The
- Page 7 and 8:
Profit growth was derived mainly fr
- Page 9 and 10:
Financial Highlights Group Assets 2
- Page 11 and 12:
Group Return On Average Shareholder
- Page 13 and 14:
Corporate Information Honorary Life
- Page 15 and 16:
Left to right: Koh Beng Seng, Ngiam
- Page 17 and 18:
Left to right: Tan Kok Quan, Prof L
- Page 19 and 20:
Mr Francis Lee Chin Yong Managing D
- Page 21 and 22:
The Bank has a budget for directors
- Page 23 and 24:
independent and non-executive direc
- Page 25 and 26:
work of each of the banking subsidi
- Page 27 and 28:
Risk Management Credit and Country
- Page 29 and 30:
The composition of loans and advanc
- Page 31 and 32:
Group Non-Performing Loans (NPLs) a
- Page 33 and 34:
Group NPLs and Cumulative Provision
- Page 35 and 36:
Group Specific Provision by Region
- Page 37 and 38:
Collateral Types The majority of th
- Page 39 and 40:
Exposure to the Five Regional Count
- Page 41 and 42:
Cross-Border Exposure to the Five R
- Page 43 and 44:
Complementing the static analysis i
- Page 45 and 46:
Sources of Deposits The Group has a
- Page 47 and 48:
The VaR calculations are performed
- Page 49 and 50:
Group Daily VaR Distribution for 20
- Page 51 and 52:
As part of the Group's comprehensiv
- Page 53 and 54:
The celebratory light-up linking UO
- Page 55 and 56:
services so as to meet the increasi
- Page 57 and 58:
Our subsidiary, UOB Asset Managemen
- Page 59 and 60:
Grow our services In line with the
- Page 61 and 62:
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 and 114: 14 Tax (a) The tax charge to the in
- Page 115 and 116: 2002 2001 Fair Value of Depreciable
- 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: (e) Certain freehold and leasehold
- 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
- Page 165 and 166: Percentage of Paid-Up Capital Held
- Page 167 and 168: Percentage of Paid-Up Capital Held
- Page 169 and 170: Percentage of Paid-Up Capital Held
- Page 171 and 172: Investor Reference Financial Highli
- Page 173 and 174: 1998 1997 1996 1995 1994 1993 1992
- Page 175 and 176: 1998 1997 1996 1995 1994 1993 1992
- Page 177 and 178: Statistics of Shareholdings as at 1
- Page 179 and 180: Changes in Share Capital The follow
- Page 181 and 182: Our International Network Banking S
- Page 183 and 184: United Overseas Bank (Malaysia) Bhd
- Page 185 and 186: UOB Venture Management (Shanghai) C
- Page 187 and 188: Notes to Resolutions 4, 6, 7, 8, 9,
- Page 189: Notes: 1 Please insert the number o