UOB Annual Report 2002 - United Overseas Bank

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Directors’ Report for the financial year ended 31 December 2002 Audit Committee The Audit Committee comprises four members, all of whom are non-executive independent directors. The members of the Audit Committee are as follows: Mr Ernest Wong Yuen Weng (Chairman) Mr Philip Yeo Liat Kok Dr Cham Tao Soon Mr Tan Kok Quan In its report to the Board of Directors, the Audit Committee reports that it has reviewed with the Bank’s internal auditors their audit plan and the scope and results of the Bank’s internal audit procedures. The Audit Committee has also reviewed with the Bank’s auditors, PricewaterhouseCoopers, their audit plan, their evaluation of the system of internal accounting controls, their auditors’ long-form report and the response of management thereto as well as their audit report on the financial statements of the Bank and the consolidated financial statements of the Group for the year ended 31 December 2002. The financial statements of the Bank and the consolidated financial statements of the Group for the year ended 31 December 2002 have been reviewed by the Committee prior to their submission to the Board of Directors. The Audit Committee has reviewed the Bank’s position with regard to interested person transactions and the assistance given by the Bank’s officers to PricewaterhouseCoopers. The Audit Committee has also carried out the functions required of the Committee under the Code of Corporate Governance. At the date of this report, the Audit Committee is reviewing the nomination of a firm of certified public accountants for appointment as auditors of the Bank by shareholders at the forthcoming Annual General Meeting. On behalf of the directors Wee Cho Yaw Chairman Wee Ee Cheong Deputy Chairman 28 February 2003 88
Statement by Directors for the financial year ended 31 December 2002 In the opinion of the directors, the financial statements set out on pages 91 to 168 are drawn up so as to give a true and fair view of the state of affairs of the Bank and of the Group at 31 December 2002, the results of the business and changes in equity of the Bank and of the Group and the cash flows of the Group for the financial year then ended, and at the date of this statement, there are reasonable grounds to believe that the Bank will be able to pay its debts as and when they fall due. On behalf of the directors Wee Cho Yaw Chairman Wee Ee Cheong Deputy Chairman 28 February 2003 UNITED OVERSEAS BANK 89
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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
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: (d) (e) (f) No options have been gr
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 and 140: (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
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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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