UOB Annual Report 2002 - United Overseas Bank
UOB Annual Report 2002 - United Overseas Bank
UOB Annual Report 2002 - United Overseas Bank
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Income Statements<br />
for the financial year ended 31 December <strong>2002</strong><br />
The Group<br />
The <strong>Bank</strong><br />
Note <strong>2002</strong> 2001 <strong>2002</strong> 2001<br />
$'000 $'000 $'000 $'000<br />
Interest income 3 3,752,479 3,413,284 2,952,152 2,315,784<br />
Less: Interest expense 4 1,583,358 1,984,133 1,233,023 1,472,743<br />
Net interest income 2,169,121 1,429,151 1,719,129 843,041<br />
Dividend income 5 31,881 33,701 256,386 231,157<br />
Fee and commission income 6 500,545 355,201 293,684 164,003<br />
Rental income 7 78,426 75,947 45,667 42,036<br />
Other operating income 8 299,272 330,091 263,891 245,296<br />
Income before operating expenses 3,079,245 2,224,091 2,578,757 1,525,533<br />
Less:<br />
Staff costs 9 536,354 442,657 336,174 215,706<br />
Other operating expenses 10 537,623 431,186 418,399 259,072<br />
1,073,977 873,843 754,573 474,778<br />
Operating profit before goodwill<br />
amortisation and provisions 2,005,268 1,350,248 1,824,184 1,050,755<br />
Less: Goodwill amortisation 35 195,554 47,806 191,223 –<br />
Less: Provisions 12 451,482 164,795 511,227 111,675<br />
Operating profit after goodwill<br />
amortisation and provisions 1,358,232 1,137,647 1,121,734 939,080<br />
Exceptional items 13 (48,065) (11,997) 727,559 (11,045)<br />
Share of profit of associates 123,403 71,912 – –<br />
Profit from ordinary activities<br />
before tax 1,433,570 1,197,562 1,849,293 928,035<br />
Less: Tax 14 339,726 268,988 417,267 181,396<br />
Profit after tax 1,093,844 928,574 1,432,026 746,639<br />
Minority interests (29,644) (3,995) – –<br />
Net profit for the financial<br />
year attributable to members 1,064,200 924,579 1,432,026 746,639<br />
Earnings per share: 15<br />
Basic 68 cents 77 cents<br />
Diluted 68 cents 77 cents<br />
The accompanying notes form an integral part of these financial statements. The Auditors’ <strong>Report</strong> is on page 90.<br />
UNITED OVERSEAS BANK 91