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Building a Premier Regional Bank First Half 2002 Results Analysts

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Building a Premier Regional Bank First Half 2002 Results Analysts BuildingBuilding aa PremierPremier RegionalRegional BankBank Analysts’ Briefing First Half 2002 Results Address by Mr Wee Ee Cheong Deputy Chairman & President 7 August 2002 Panel Members • Mr Wee Ee Cheong Deputy Chairman & President • Mr Samuel Poon SEVP, Institutional Banking • Mr Terence Ong SEVP, Global Treasury / Asset Mgt • Mr Kuek Tong Au EVP, Corporate Services • Ms Sim Puay Suang EVP, Personal Financial Services • Mr David Loh EVP, Risk Management • Ms Susan Hwee EVP, Information Technology Agenda SuccessfulSuccessful IntegrationIntegration FinancialFinancial ReviewReview CapitalCapital ManagementManagement && NPLsNPLs ProgressProgress onon GrowthGrowth StrategiesStrategies Successful Integration • Transition was Smooth • Cost Savings on Target ? Set to Achieve Cost Savings of about $250mn ? Expect $190mn in FY2002, and Full Impact in FY2003 onwards • Minimal Revenue Attrition ? Minimal Overlap in Customer Databases ? Revenue Attrition is Insignificant Agenda SuccessfulSuccessful IntegrationIntegration FinancialFinancial ReviewReview CapitalCapital ManagementManagement && NPLsNPLs ProgressProgress onon GrowthGrowth StrategiesStrategies Net Profit After Tax Resilient Results Despite Challenging 1st Half 02 • “Business as Usual” whilst coping with Integration • Sluggish Loan Demand in Local and Regional Markets 1st Half 2nd Half FY2002 $591 30% FY2001 $455 $470 Financial Year $0 $200 $400 $600 $800 $1,000 NPAT ($mn) Return on Equity (ROE) Temporary Setback in ROE (excluding Goodwill) due to Enlarged Capital Base Post-Acquisition 20% 15% 11.3% 10.7% FY2001 1H2002 FY2006 FY2010 Offshore Profit Contribution Consistent Regional Efforts have Delivered Results Year 2010 40 60 Target 67 1H02 33 70 2001 30 74 1H01 26 0% 20% 40% 60% 80% 100% Offshore (including ACU) Onshore Income Mix Committed to Building our Non-Interest Income Year 2010 50 50 Target 74 1H02 26 64 2001 36 62 1H01 38 0% 20% 40% 60% 80% 100% Non-Interest Income Net Interest Income Expense to Income Ratio Balance between Prudent Cost Management & Investments for Long Term Growth • Consistently amongst the Lowest in the Local Banking Industry • Continue to Invest in Technology, Infrastructure, Customer Franchise and People for Long Term Growth • Continue to Explore Ways to Streamline Operations for Efficiency 39.5% 39.3% 40% 39% 38% 37% 35.7% 36% 35% 34% 33% FY2000 FY2001 1H2002 Agenda SuccessfulSuccessful IntegrationIntegration FinancialFinancial ReviewReview CapitalCapital ManagementManagement && NPLsNPLs ProgressProgress onon GrowthGrowth StrategiesStrategies Capital Management Plans • Divestment ? Timing is Critical with Clear Objective of Enhancing Shareholders’ Value ? Options have been Evaluated and Close to Appointing an Investment Bank • Capital Adequacy Ratio (CAR) ? Currently at 17.2% ? Proactively Managing our Sources and Costs of Funds ? Capital Freed up from Consolidation ? Repaid Bridging Loan of US$450mn; Planning to Pay Off the Remainder in Sept 02 ? CAR expected to Stabilise at 15% by end 02, Closer to Target of 14% Non-Performing Loans On the Whole, No Major Concerns • Already Provided for OUB’s Loans in our Enlarged Portfolio • NPLs have Stabilised with no Major Surprises in Asset Quality • Increase in Provisioning due to Falling Collateral Values in Declining Property Market Agenda SuccessfulSuccessful IntegrationIntegration FinancialFinancial ReviewReview CapitalCapital ManagementManagement && NPLsNPLs ProgressProgress onon GrowthGrowth StrategiesStrategies Growth Strategies Our Vision “ To be the Premier Banking Group in the Asia Pacific ” 2-Pronged Approach Expanding our Business Building on our Domestic Beyond Singapore Leadership Position Successful Integration Singapore • Focused on Enhancing Leadership Position in Consumer & SME Markets • Regard recent Policy Changes on CPF & Property Financing as generally Positive for Banks • Already a Major Player in the Mortgage Business • With our Strong Domestic Presence, Well -Positioned to Capitalise on Industry Developments Regional • Region showing Signs of Pick-up based on Recent Export Data • Economic Growth in Malaysia, Thailand, and Indonesia becoming Broad-Based and Driven by Domestic Demand • Decoupling Signs between Asian & US Financial Markets • In the Short Term, Remain Cautious as the Global Environment is Uncertain and Financial Markets Volatile • Continue to Believe in the Region’s Fundamental Prospects and Long Term Growth Potential ASEAN Strengthen Market Presence in Key Countries Malaysia • Already Contributes more than 10% to our Bottomline • Yet to Realise Full Potential • Insurance Joint-Venture ? Presents strategic window as consolidation takes place in Malaysia ? Fully leverage branch network to distribute life and general insurance products Thailand • Capital Injection into UOB Radanasin to Support Business Expansion • Loan Book Grown to S$1billion • Expected to Breakeven this Year • Confident Thailand will become an Important Contributor to the Group in Future Indonesia • Remained Profitable even during Asian Crisis • Continue to Expand Business as Investors’ Confidence Returns Philippines • 100% Ownership of UOB Philippines after recently Acquiring remaining 40% Filipino Shareholdings • Looking to Increase Investments to Reposition Local Operations and Support Business Growth • 100% Ownership gives us a Free Hand in Running the Business Greater China The UOB Advantage • One of the Largest Overseas Chinese Banks • Chinese Heritage and Linkages • Extensive Regional Knowledge and Network Greater China (1) China • Presence in 6 Key Cities • Recently obtained Approval to Expand Scope of Business in some of these Locations (2) Hong Kong & Taiwan • Continue to Explore Opportunities • Springboard to our Regional Consumer Banking Business Our Commitment To Continually Enhance Shareholder Value Voted 1st : Singapore Bank with Greatest Commitment to Enhancing Shareholder Value (FinanceAsia 2002 Singapore Survey).
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