UOB Annual Report 2002 - United Overseas Bank

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UNITED OVERSEAS BANK LIMITED (Incorporated in Singapore) AND ITS SUBSIDIARIES Financial Statements Directors' Report 77 Statement by Directors 89 Auditors' Report to the Members of United Overseas Bank Limited 90 Income Statements 91 Balance Sheets 92 Consolidated Statement of Changes in Equity 94 Statement of Changes in Equity 96 Consolidated Cash Flow Statement 98 Notes to the Financial Statements 99 United for Growth
Directors’ Report for the financial year ended 31 December 2002 The directors present their report to the members together with the audited financial statements of the Bank and of the Group for the financial year ended 31 December 2002. Directors The directors holding office at the date of this report are as follows: Mr Wee Cho Yaw Mr Lee Hee Seng Mr Wee Ee Cheong Mr Koh Beng Seng Mr Ngiam Tong Dow Mr Ernest Wong Yuen Weng Mr Wong Meng Meng Mr Sim Wong Hoo Mr Philip Yeo Liat Kok Dr Cham Tao Soon Mr Tan Kok Quan Professor Lim Pin Mrs Margaret Lien Wen Hsien Mr Ng Boon Yew Principal Activities The Bank is principally engaged in the business of banking in all its aspects. The principal activities of its subsidiaries are set out in Note 46 to the financial statements. There have been no significant changes in the nature of these activities during the financial year, except for the following: (a) (b) On 2 January 2002, Overseas Union Bank Limited (“OUB”), a wholly-owned subsidiary was merged into the Bank under Section 14A of the Banking Act, Cap. 19. As a result of the merger, the businesses, assets, liabilities, interests, rights, privileges, obligations and commitments of OUB were transferred to and vested in the Bank. The banking licence of OUB was cancelled on 2 January 2002 and it has been dormant since then. At an appropriate time, the Bank will apply to the Registrar of Companies and Businesses for OUB to be dissolved by striking its name off the register under Section 344 of the Companies Act, Cap. 50. On 3 June 2002, Industrial & Commercial Bank Limited (“ICB”), a wholly-owned subsidiary was delisted from the Singapore Exchange after the Bank acquired the minority shareholders’ interests of 12.55% in ICB. On 28 August 2002, ICB was merged into the Bank under Section 14A of the Banking Act, Cap. 19. As a result of the merger, the businesses, assets, liabilities, interests, rights, privileges, obligations and commitments of ICB were transferred to and vested in the Bank. The banking licence of ICB was cancelled on 28 August 2002 and it has been dormant since then. At an appropriate time, the Bank will apply to the Registrar of Companies and Businesses for ICB to be dissolved by striking its name off the register under Section 344 of the Companies Act, Cap. 50. Acquisitions and Disposals of Subsidiaries (a) Incorporation of a Subsidiary During the financial year, the Bank incorporated Tye Hua Investments Pte Ltd as a wholly-owned subsidiary of the Bank. The cash consideration paid by the Bank was $2. UNITED OVERSEAS BANK 77
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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
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: Capital Adequacy Ratios The Capital
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
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(c) Total gross trade bills and adv
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29 Other Assets The Group The Bank
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32 Investments in Subsidiaries (a)
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33 Movements in the Provisions for
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34 Fixed Assets (a) The Group 2002
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(e) Certain freehold and leasehold
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39 Derivative Financial Instruments
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(c) Derivative financial instrument
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The Group - 2001 Individual Institu
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(b) Secondary Reporting Format - Ge
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Discussions on the main financial r
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The Group - 2002 Hong Singapore US
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Other foreign exchange exposures of
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The Group - 2002 Non- Over 7 Over O
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The Group - 2001 Non- Over 7 Over O
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The Group - 2002 Over 7 Over Over O
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The Group - 2001 Over 7 Over Over O
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Where quoted and observable market
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Percentage of Paid-Up Capital Held
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Page 171 and 172:
Investor Reference Financial Highli
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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
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United Overseas Bank (Malaysia) Bhd
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UOB Venture Management (Shanghai) C
Page 187 and 188:
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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