11-Year <strong>Bank</strong> Financial Summary <strong>2002</strong> 2001 2000 1999 (Figures in millions of Singapore dollars) Net Profit After Tax* 1,432.0 746.6 710.1 541.5 # Dividends** 720.4 ++ 425.6 316.3 416.1 ## Cash, placements, balances with bankers and agents, including group companies, government treasury bills and securities 30,693.8 27,236.6 26,051.0 19,680.2 Investments, including subsidiaries and associates 4,803.7 11,987.9 2,232.9 2,654.0 Loans (advances & trade bills) 49,956.2 23,495.8 23,494.3 20,686.0 Fixed and other assets* 4,186.5 2,273.0 1,713.9 1,559.1 Goodwill 3,585.5 – – – Total Assets 93,225.7 64,993.3 53,492.1 44,579.3 Represented by: Deposits 77,319.6 49,047.9 46,718.0 38,141.5 Bills and drafts payable, and other liabilities* 3,327.6 1,723.8 1,613.4 1,810.0 Debentures, certificates of deposit, unsecured loan stock and bonds – – – – Debts issued 1,294.4 3,639.1 – – Shareholders’ funds* 11,284.1 10,582.5 5,160.7 4,627.8 Total Liabilities and Shareholders’ Funds 93,225.7 64,993.3 53,492.1 44,579.3 (Figures in millions of <strong>United</strong> States dollars) Net Profit After Tax* 824.9 403.3 410.0 324.9 # Dividends** 415.0 ++ 229.9 182.7 249.7 ## Cash, placements, balances with bankers and agents, including group companies, government treasury bills and securities 17,681.8 14,714.5 15,041.0 11,809.3 Investments, including subsidiaries and associates 2,767.2 6,476.4 1,289.2 1,592.6 Loans (advances & trade bills) 28,778.3 12,693.6 13,564.8 12,412.8 Fixed and other assets* 2,411.7 1,228.0 989.5 935.6 Goodwill 2,065.5 – – – Total Assets 53,704.5 35,112.5 30,884.5 26,750.3 Represented by: Deposits 44,541.5 26,498.0 26,973.4 22,887.2 Bills and drafts payable, and other liabilities* 1,916.9 931.3 931.5 1,086.1 Debentures, certificates of deposit, unsecured loan stock and bonds – – – – Debts issued 745.7 1,966.0 – – Shareholders’ funds* 6,500.4 5,717.2 2,979.6 2,777.0 Total Liabilities and Shareholders’ Funds 53,704.5 35,112.5 30,884.5 26,750.3 Exchange Conversion of US$1.00 S$1.7359 S$1.8510 S$1.7320 S$1.6665 * Figures/balances prior to 2000 do not take into account the impact of adopting revised Singapore Statements of Accounting Standard (SAS) 8 and 10. Figures/ balances prior to 2001 do not take into account the impact of adopting revised SAS 12. # Excludes extraordinary items of $280,035,000 (US$191,739,000) in 1994 and $772,791,000 (US$463,721,000) in 1999. ** Based on total interim dividend paid and proposed final dividend during the year. ++ Includes interim dividend of 18.76% less 22% income tax amounting to $230,020,000 (US$132,508,000), paid in specie of shares in Haw Par Corporation Limited. ## Includes special tax exempt bonus dividend of 25% amounting to $262,966,000 (US$157,795,000). *** Includes special tax exempt bonus dividend of 22% amounting to $164,768,000 (US$112,816,000). +++ Includes special bonus dividend of 10% less 27% income tax amounting to $48,406,000 (US$30,094,000). 172
1998 1997 1996 1995 1994 1993 1992 (Figures in millions of Singapore dollars) 229.9 270.2 415.8 382.6 291.0 # 232.5 169.2 132.5 132.5 123.8 123.1 262.9*** 131.2 +++ 74.2 16,259.0 13,327.5 11,598.5 11,058.4 11,215.1 9,464.4 8,952.0 1,877.9 1,772.4 1,912.8 1,723.3 1,588.6 1,451.0 1,155.6 18,729.2 19,513.0 17,340.6 14,609.5 12,922.3 10,619.0 8,249.9 1,086.3 1,168.2 1,309.9 1,119.9 1,058.5 874.1 796.1 – – – – – – – 37,952.4 35,781.1 32,161.8 28,511.1 26,784.5 22,408.5 19,153.6 33,036.4 30,978.5 27,486.0 24,317.8 22,825.2 19,049.7 16,209.7 1,056.1 1,045.2 1,033.2 939.6 1,011.5 874.5 713.2 – – 199.4 197.8 196.2 362.8 361.4 – – – – – – – 3,859.9 3,757.4 3,443.2 3,055.9 2,751.6 2,121.5 1,869.3 37,952.4 35,781.1 32,161.8 28,511.1 26,784.5 22,408.5 19,153.6 (Figures in millions of <strong>United</strong> States dollars) 138.5 161.2 297.1 270.0 199.2 # 144.5 103.0 79.8 79.0 88.5 87.0 180.0*** 81.5 +++ 45.2 9,791.6 7,949.6 8,287.6 7,812.3 7,678.8 5,884.0 5,451.9 1,130.9 1,057.2 1,366.8 1,217.5 1,087.7 902.1 703.8 11,279.3 11,639.1 12,390.5 10,321.0 8,847.9 6,601.8 5,024.3 654.2 696.8 936.0 791.2 724.8 543.4 484.8 – – – – – – – 22,856.0 21,342.7 22,980.9 20,142.0 18,339.2 13,931.3 11,664.8 19,895.5 18,478.1 19,639.8 17,179.6 15,628.3 11,843.1 9,871.9 636.0 623.4 738.3 663.8 692.6 543.7 434.3 – – 142.5 139.7 134.3 225.5 220.1 – – – – – – – 2,324.5 2,241.2 2,460.3 2,158.9 1,884.0 1,319.0 1,138.5 22,856.0 21,342.7 22,980.9 20,142.0 18,339.2 13,931.3 11,664.8 S$1.6605 S$1.6765 S$1.3995 S$1.4155 S$1.4605 S$1.6085 S$1.6420 UNITED OVERSEAS BANK 173
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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
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processes in place that will suppor
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Group Financial Review Review of Fi
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Group Profits The Group achieved a
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Analysis of Changes in Net Interest
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Cost Savings from Integration The G
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Overview of Balance Sheet Assets Mi
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Gross Customer Loans Analysed by Cu
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Capital Adequacy Ratios The Capital
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Directors’ Report for the financi
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In addition, the following subsidia
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Arrangements to Enable Directors to
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Ability to Meet Obligations No cont
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Share Options of the Bank (a) From
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(d) (e) (f) No options have been gr
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Statement by Directors for the fina
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Income Statements for the financial
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The Group The Bank Note 2002 2001 2
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The Group 2001 Non- Share of Share
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The Bank 2001 Non- Share Share Dist
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Notes to the Financial Statements f
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(e) Investments (i) Singapore Gover
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(k) Derivative Financial Instrument
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4 Interest Expense The Group The Ba
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(c) Equity Compensation Benefits Op
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11 Directors’ Fees and Other Remu
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14 Tax (a) The tax charge to the in
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2002 2001 Fair Value of Depreciable
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Deferred tax assets and liabilities
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18 Non-Distributable Reserves (a) T
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19 Revenue Reserves (a) The Group 2
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