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Annual Report 1997

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Annual Report 1997 Title: UOB Annual Report -- Client: Su Yeang TKH Size: 437.5W x 280H mm Cover CN57360 DALIM D4~TKH JC0174 1 485C 175/Elli 14~04~98 1 00 281C 1 UOBAR-LAYOUT(Latest Change) 04:05:1998 10:49 PM Page 1 CONTENTS Our Business 1 Highlights Of The Year 2 Financial Summary 4 Chairman’s Statement 8 Our Core Values 11 Board Of Directors 12 Our Commitment To The Future 14 Corporate Information 15 Operations Review 18 Group Loans & Advances (By Industry) 31 Group’s Regional Exposure 32 Our International Network 33 Financial Statements 41 Investor Reference 67 Subsidiaries & Major Associated Companies 79 Notice Of Annual General Meeting 82 Exchange Conversion: US$1.00 = S$1.6765 All figures in this Annual Report are in Singapore dollars unless otherwise specified. “A thing of beauty is a joy forever.” – John Keats The UOB Group’s promotion of artistic excellence in Singapore encompasses a wide variety of activities, including our annual Painting Of The Year Competition and Exhibition and our on-going purchase-support programme. The front cover of our Annual Report this year depicts Salvador Dali’s “Homage To Newton” situated at the entrance of our headquarters, the UOB Plaza. “Homage To Newton” is one of the sculptures in the UOB Group Art Collection of more than 1,300 paintings and works of art from Singapore and the Asia-Pacific region. In the following pages of this Annual Report, we showcase selected paintings by local and regional artists that are also in our Art Collection. Our art pieces adorn our offices worldwide. UOBAR-LAYOUT(Latest Change)-OK 24:04:1998 03:32 AM Page 1 OUR BUSINESS The United Overseas Bank (UOB) Group, comprising United Overseas Bank, Chung Khiaw Bank, Far Eastern Bank and Industrial & Commercial Bank, offers the full range of commercial banking services. Other financial services include private banking, trust services, venture capital investment, merchant banking, stockbroking, insurance, fund management, derivatives trading, precious metals trading, factoring, hire purchase and life assurance. Through our subsidiaries, and associated companies (principally the United Overseas Land Group and Haw Par Group), the UOB Group has diversified interests in travel, leasing, property development, hotel management, healthcare, manufacturing and general trading. The UOB Group is, effectively, a universal banking group. The UOB Group’s 144 bank offices worldwide, including 78 domestic bank branches, represent the largest network among Singapore- incorporated banks. The UOB Group had Total Assets (excluding contra) of $49,362 million (US$29,443 million) and Capital and Reserves of $5,327 million (US$3,177 million) as at 31 December 1997 and achieved Net Profit After Tax of $502 million (US$299.4 million) for 1997. Except for profits from rentals, and dividends from associated companies, the UOB Group’s income is derived almost entirely from the provision of financial services. UOB is rated among the world’s top banks by Moody’s Investors Service, receiving B+ for Bank Financial Strength, and Aa2 and Prime-1 for long- and short-term deposits respectively. UNITED OVERSEAS BANK l 1 CN57350 DL2 240498 175# UOBAR-LAYOUT(Latest Change)-OK 24:04:1998 01:54 AM Page 2 HIGHLIGHTS OF THE YEAR We received top rankings from leading financial MSCI Taiwan Stock Index Futures contract for publications during 1997. For the third time, Taiwanese investors. Euromoney voted us the Best Domestic Bank in Singapore, while Asiamoney named us the Best Electronic banking initiatives during the year Commercial Bank in Singapore and hence one of included UOB CyberBank, our Internet banking Asia’s Best Commercial Banks for the second service, and E-Banking, our smart card-based PC successive year. banking service for businesses. In our commitment to help realise electronic commerce in Singapore, we Our two bank subsidiaries in Malaysia merged on launched our Secure Electronic Transaction (SET) 7 June 1997. The merged entity, named United pilot on our Internet merchant mall, UOB Overseas Bank (Malaysia) Bhd, has 25 strategically CyberMall. located branches in the country. Our custody services in Singapore were commended Our overseas network stood at 66. for the third successive year by the US-based Global Custodian, and received a Star rating from We established UOB Investment Advisor (Taiwan) the UK-based GSCS Benchmark for the second Ltd to offer advisory services on investments in our year running for overall performance in the unit trusts to Taiwanese investors. Singapore market. Consolidation of our domestic branch network led to We expanded the merchant acquiring business for greater efficiency and higher productivity. We now our credit cards into China after our success in have 78 branches islandwide. Vietnam. In 1997, UOB Ho Chi Minh City Branch received the VISA Bank Of The Year Award in UOB Asset Management Ltd, our fund Vietnam for its market leadership and quality service. management arm, launched four new unit trusts, raising a total of $383.2 million. At the end of We started construction work to redevelop our 1997, the subsidiary remained the industry leader in former ICB Building at Shenton Way into a Singapore, with 15 open-ended unit trust funds and 30-storeyed tower that will form part of the new $825 million under its management. Singapore Exchange Centre. UOB Bullion and Futures Limited was the top We were conferred the National Arts Council’s clearing broker for SIMEX (Singapore International foremost Distinguished Patron Of The Arts Award Monetary Exchange) contracts in 1997. It is also for our active contributions to the arts in Singapore. the only authorised SIMEX broker to clear the UNITED OVERSEAS BANK l 2 CN57350 DL2 240498 175# UOBAR-LAYOUT(Latest Change)-OK 24:04:1998 01:55 AM Page 3 OUR COMMITMENT Singapore’s Leading Bank Group 144 OFFICES IN SINGAPORE (78) YANGON SEOUL MALAYSIA (29) HO CHI MINH CITY TOKYO JAKARTA MANILA SYDNEY BANDUNG HONG KONG LONDON SURABAYA TAIPEI NEW YORK BATAM GUANGZHOU LOS ANGELES BANGKOK XIAMEN VANCOUVER AYUDHAYA FUZHOU CHONBURI BEIJING UNITED OVERSEAS BANK l 3 CN57350 DL2 240498 175# UOBAR-LAYOUT(Latest Change)-OK 24:04:1998 01:55 AM Page 4 FINANCIAL SUMMARY GROUP ASSETS Group Assets (excluding contra) expanded by 80000 7.8% or $3,555 million to reach $49,362 million at 70000 the end of 1997. Group assets (including contra) rose 60000 by 13.1% or $8,760 million to $75,414 million during 50000 the year. Loans were the main area of growth. 40000 30000 Group Assets Excluding Contra 20000 1997: $49,362 million + 7.8% 10000 1996: $45,807 million $ million 1993 1994 1995 1996 1997 Group Assets Including Contra $34,222 $37,351 $40,565 $45,807 $49,362 US$21,276 US$25,574 US$28,658 US$32,731 US$29,443 1997: $75,414 million + 13.1% $50,032 $56,174 $59,387 $66,654 $75,414 1996: $66,654 million US$31,105 US$38,462 US$41,955 US$47,627 US$44,983 Group Assets Group Assets (excluding contra) (including contra) GROUP LOANS AND ADVANCES INCLUDING TRADE BILLS 33000 Group Loans and Advances (including trade bills) 30000 grew to $29,770 million in 1997, representing an 27000 increase of $2,311 million or 8.4% over 1996. The 24000 growth in 1996 was $3,701 million or 15.6%. 21000 18000 1997: $29,770 million + 8.4% 15000 1996: $27,459 million 12000 $ million 1993 1994 1995 1996 1997 $18,469 $21,380 $23,758 $27,459 $29,770 US$11,482 US$14,639 US$16,784 US$19,621 US$17,757 GROUP NON-BANK DEPOSITS 45000 Group Non-Bank Deposits in 1997 reached 40000 $35,635 million, reflecting an increase of 35000 $4,536 million or 14.6% over Group Non-Bank 30000 Deposits of $31,099 million achieved in 1996. 25000 Non-Bank Deposits accounted for about 86% of 20000 Group Deposits. 15000 10000 1997: $35,635 million + 14.6% $ 1996: $31,099 million million 1993 1994 1995 1996 1997 $22,451 $24,170 $27,430 $31,099 $35,635 US$13,958 US$16,549 US$19,379 US$22,222 US$21,256 UNITED OVERSEAS BANK l 4 CN57350 DL2 240498 175# UOBAR-LAYOUT(Latest Change)-OK 24:04:1998 01:56 AM Page 5 FINANCIAL SUMMARY GROUP LOANS/NON-BANK DEPOSITS RATIO With a growth of 8.4% for loans and 14.6% for 96 non-bank deposits as at 31 December 1997, the Group 84 posted a Loans/Non-Bank Deposits Ratio of 83.5% as 72 60 compared with 88.3% for 1996. 48 36 1997: 83.5% - 4.8% points 24 1996: 88.3% 12 1993 1994 1995 1996 1997 82.3% 88.5% 86.6% 88.3% 83.5% GROUP CAPITAL AND RESERVES AND CAPITAL ADEQUACY 5500 Group Capital and Reserves grew to $5,327 million as 5000 at the end of 1997. This represented an increase of 4500 8.6% over the previous year. As at end-1997, the 4000 Group’s Capital Adequacy Ratio, based on the Bank 3500 for International Settlements (BIS) weighted capital 3000 guidelines, was 21%. 2500 2000 $ 1997: $5,327 million + 8.6% million 1993 1994 1995 1996 1997 1996: $4,907 million $3,040 $3,681 $4,223 $4,907 $5,327 US$1,890 US$2,521 US$2,984 US$3,506 US$3,177 DIVIDEND PAYMENT 400 8.0 A final dividend of 10% less 26% income tax 350 7.0 was proposed for 1997. Together with the interim 300 6.0 250 5.0 dividend of 8%, the Total Dividend for 1997 amounted to 18%, the same as for 1996. Dividend 200 4.0 Cover remained at a healthy 3.79 times.
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