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SPRING Singapore Singapore Quality Class ‘Singapore Quality Class’ Standard for Business Excellence

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SPRING Singapore Singapore Quality Class ‘Singapore Quality Class’ Standard for Business Excellence CONTENTS Our Mission 1 Brief Profi le 2 Performance in Brief 3 Financial Highlights 4 Board of Directors 8 Management Committee 12 Awards 14 Chairman’s Statement 15 CEO’s Report 16 2007 in Review 22 Corporate Governance 36 Risk Management 42 Group Financial Review 51 Financial Statements 62 Investor Reference 140 Our International Network 146 Notice of Annual General Meeting 151 Proxy Form Corporate Information All fi gures in this Annual Report are in Singapore Dollars unless otherwise specifi ed. UOB FAR Contents_IBC_OK.indd 1 3/28/08 1:45:08 PM Canada 1 United Kingdom 1 France USA 1 South Korea 3 1Japan 1 China 11 Hong Kong 7 Taiwan 3 Myanmar 1 Vietnam 1 Philippines Thailand 154 1 Malaysia 43 Brunei 3 Singapore 72 Indonesia 218 Australia 2 Our 524 offices around the world OUR MISSION To be a premier bank in the Asia-Pacific region, committed to providing quality products and excellent service. 1 UNITED OVERSEAS BANK BRIEF PROFILE United Overseas Bank (“UOB”) was incorporated on 6 August 1935 as the United Chinese Bank. Founded by Datuk Wee Kheng Chiang, the Bank catered mainly to the Fujian community in its early years. The change of name was effected in 1965. Over the past 73 years, UOB has grown with Singapore. Through a series of acquisitions, it is now a leading bank in Singapore with banking subsidiaries in the region. Today, the UOB Group has a network of over 500 offi ces in 18 countries and territories in Asia Pacifi c, Western Europe and North America. Besides Far Eastern Bank in Singapore, UOB’s banking subsidiaries in the region are United Overseas Bank (Malaysia), United Overseas Bank (Thai), PT Bank UOB Indonesia, PT Bank UOB Buana, United Overseas Bank (China) and United Overseas Bank Philippines. UOB provides a wide range of fi nancial services through its global network of branches/offi ces and subsidiaries/associates: personal fi nancial services, private banking, trust services, commercial and corporate banking, investment banking, corporate fi nance, capital market activities, treasury services, futures broking, asset management, venture capital management, general insurance, life assurance and stockbroking services. UOB also has diversifi ed interests in travel and leasing. In Singapore, UOB is a market leader in the private residential home loan business and its total card base of over 1.5 million fi rmly places it in the top position in credit and debit cards. It is also a dominant player in loans to small and medium-sized enterprises. Its fund management arm, UOB Asset Management, is one of Singapore’s most awarded fund managers. UOB is rated among the world’s top banks by Moody’s Investors Service, receiving B for fi nancial strength, and Aa1 and Prime-1 for long-term and short-term bank deposits respectively. UNITED OVERSEAS BANK 2 UOB SFR 060308_P1-21 2 3/7/08 9:25:53 AM PERFORMANCE IN BRIEF ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– The Group –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 2007 2006 1 +/(–) Profi t for the fi nancial year ($’000) ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Net profi t after tax 2 2,109,476 1,881,796 12.1% Selected balance sheet items as at year-end ($’000) ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Customer loans (net) 92,668,609 76,874,585 20.5% Customer deposits 106,967,480 95,551,715 11.9% Total assets 174,950,291 161,311,677 8.5% Shareholders’ equity 3 17,328,714 16,790,634 3.2% Financial ratios ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Basic earnings per ordinary share ($) 4 1.36 1.20 13.3% Return on average ordinary shareholders’ equity (ROE) (%) 4 12.6 12.3 0.3% point Return on average assets (ROA) (%) 1.24 1.21 0.03% point Expense/income ratio (%) 41.4 41.1 0.3% point Net dividend per ordinary share (¢) Interim 16.4 16.0 2.5% Special interim 12.3 16.0 (23.1)% Final 45.0 41.0 9.8% Special fi nal – 8.2 (100.0)% Total 73.7 81.2 (9.2)% Net asset value per ordinary share ($) 5 10.91 10.48 4.1% Capital adequacy ratios (%) Tier 1 10.0 11.0 (1.0)% point Total 14.5 16.3 (1.8)% points ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 1 Excluding one-time income/gain, comprising special dividend received from Overseas Union Enterprise Limited (“OUE”) and gain from divestment of OUE and Hotel Negara Limited, recorded by the Group and its associates in 2006. 2 Refer to profi t attributable to equity holders of the Bank. 3 Refer to equity attributable to equity holders of the Bank. 4 Calculated based on profi t attributable to equity holders of the Bank net of subsidiary preference share dividend incurred for the fi nancial year. 5 Subsidiary preference shares were excluded from the computation. 3 UNITED OVERSEAS BANK UOB SFR 060308_P1-21.indd 3 3/12/08 10:29:24 PM FINANCIAL HIGHLIGHTS Group total income 5000 Net interest income 4000 2007: $2,980 million ■■ +10.0% 3000 2006: $2,710 million 2000 $ million Non-interest income 1000 2007: $1,892 million ■■ +25.0% 0 2006: $1,514 million* 2003 2004 2005 2006 2007 ■■ $’m 2,071 2,155 2,348 2,710 2,980 US$’m 1,217 1,319 1,412 1,769 2,073 ■■ $’m 1,089 1,104 1,414 1,514 1,892 US$’m 640 676 850 988 1,316 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– ■■ Net interest income ■■ Non-interest income Group net profi t after tax 3000 2007: $2,109 million ■■ +12.1% 2400 2006: $1,882 million* 1800 1200 $ million 600 0 2003 2004 2005 2006 2007 ■■ $’m 1,202 1,452 1,709 1,882 2,109 US$’m 707 889 1,028 1,228 1,467 Group earnings per 1.50 ordinary share 1.20 2007: $1.36 ■■ +13.3% 0.90 2006: $1.20* $ 0.60 0.30 0 2003 2004 2005 2006 2007 ■■ $ 0.76 0.93 1.11 1.20 1.36 US$ 0.45 0.57 0.67 0.78 0.95 * Excluding one-time income/gain, comprising special dividend received from Overseas Union Enterprise Limited (“OUE”) and gain from divestment of OUE and Hotel Negara Limited, recorded by the Group and its associates in 2006. UNITED OVERSEAS BANK 4 UOB SFR 060308_P1-21.indd 4 3/12/08 11:01:02 PM Group return on average ordinary 15 shareholders’ equity (ROE) 13 2007: 12.6% ■■ +0.3% point 11 2006: 12.3%* % 9 7 5 2003 2004 2005 2006 2007 9.3% 10.8% 12.4% 12.3% 12.6% Group return on average 1.3 assets (ROA) 1.2 2007: 1.24% ■■ +0.03% point 1.1 2006: 1.21%* % 1.0 0.9 0.8 2003 2004 2005 2006 2007 1.10% 1.19% 1.25% 1.21% 1.24% Dividends 1750 2.5 81.2 (2) 48.0 73.7 (3) 1400 2.0 Dividend payment 47.6 70.8 (1) 2007: $1,116 million ■■ -9.8% 1050 1.5 2006: $1,237 million 700 1.0 times $ million Dividend cover 350 0.5 2007: 1.9 times ■■ -0.2 times 0 0.0 2006: 2.1 times 2003 2004 2005 2006 2007 ■■ $’m 748 744 1,088 1,237 1,116 US$’m 440 455 654 807 776 times 1.6 2.0 1.6 (1) 2.1 (2) 1.9 (3) ■■ Dividend payment Dividend cover Net dividend per ordinary share (cents) (1) Include special dividend in specie of 22.8 cents. (2) Include special dividend of 24.2 cents. (3) Include special dividend of 12.3 cents. * Excluding one-time income/gain, comprising special dividend received from Overseas Union Enterprise Limited (“OUE”) and gain from divestment of OUE and Hotel Negara Limited, recorded by the Group and its associates in 2006. 5 UNITED OVERSEAS BANK UOB SFR 060308_P1-21.indd 5 3/12/08 11:01:10 PM FINANCIAL HIGHLIGHTS Group assets 200000 2007: $174,950 million ■■ +8.5% 160000 2006: $161,312 million 120000 80000 $ million 40000 0 2003 2004 2005 2006 2007 ■■ $’m 113,446 134,879 145,073 161,312 174,950 US$’m 66,702 82,555 87,230 105,264 121,683 Group customer loans 100000 2007: $92,669 million ■■ +20.5% 80000 2006: $76,875 million 60000 40000 $ million 20000 0 2003 2004 2005 2006 2007 ■■ $’m 59,297 64,300 67,142 76,875 92,669 US$’m 34,864 39,356 40,372 50,164 64,454 Group customer deposits 125000 2007: $106,967 million ■■ +11.9% 100000 2006: $95,552 million 75000 50000 $ million 25000 0 2003 2004 2005 2006 2007 ■■ $’m 69,863 79,019 85,503 95,552 106,967 US$’m 41,077 48,365 51,412 62,352 74,399 Group loans/deposits ratio 90 2007: 86.6% ■■ +6.1% points 80 2006: 80.5% 70 % 60 50 40 2003 2004 2005 2006 2007 84.9% 81.4% 78.5% 80.5% 86.6% UNITED OVERSEAS BANK 6 UOB SFR 060308_P1-21.indd 6 3/12/08 11:04:03 PM Group shareholders’ equity 17500 2007: $17,329 million ■■ +3.2% 14000 2006: $16,791 million 10500 7000 $ million 3500 0 2003 2004 2005 2006 2007 ■■ $’m 13,282 13,439 14,929 16,791 17,329 US$’m 7,809 8,226 8,977 10,957 12,053 Group capital adequacy ratios 17 Total capital 15 2007: 14.5% ■■ -1.8% points 13 2006: 16.3% % 11 Tier 1 capital 9 2007: 10.0% ■■ -1.0% point 7 2006: 11.0% 2003 2004 2005 2006 2007 15.2% 15.6% 16.1% 16.3% 14.5% 13.2% 11.0% 11.0% 11.0% 10.0% Total capital Tier 1 capital Group total non-performing 7500 10 loans (NPL) 6000 8 NPL 4500
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