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Finance

United Overseas Bank Ltd. (Singapore)

Company Background

United Overseas Bank (UOB) is one of Singapore's top three banking groups, but the smallest in terms of assets. It was founded in 1935 by the Wee family, which owns a 17% share. CEO and Deputy Chairman Wee Ee Cheong is the third generation of Wees to run the bank. His father, Wee Cho Yaw, shaped the bank into what it is today, through a series of acquisitions and overseas expansions. Cho Yaw is also Singapore's fourth richest man as ranked by Forbes this year. He stepped down from the chairmanship in April 2013 and handed it over to Hsieh Fu Hua, the former head of the Singapore Exchange.

In the past 10 years, UOB has strengthened its footholds in Asia, acquiring smaller banks in Indonesia and Thailand. China is the bank's key overseas market, with 16 outlets there. UOB is looking to grow in western China and opened a branch in the southwestern city of Chongqing in September 2014. UOB is also making inroads in Myanmar. It is one of the first nine international banks to be awarded a bank license from the government.

Business Summary

United Overseas Bank Ltd. engages in the provision of financial services. It operates through the following segments: Group Retail, Group Wholesale Banking, Global Markets, and Others. The Group Retail segment provides personal and small enterprise customers with financial solutions. The Group Wholesale Banking segment offers financial services to corporate and institutional client. The Global Markets segment includes a comprehensive suite of treasury products and services across multi-asset classes. The Others segment covers non-banking activities and corporate functions. The company was founded by Kheng Chiang Wee on August 6, 1935 and is headquartered in Singapore.

Financial Highlights

Dec 2020 SGDUSD
Revenue13,074M9,478.12M
Gross Profit----
Operating income3,432M2,488.06M
Income before tax3,536M2,563.45M
Net income2,824M2,047.28M
EBITDA----
Diluted EPS1.681.22
Dividends Per Share0.780.56
Total Assets431,814M326,723.40M
Total liabilities390,683M295,602.45M
Total equity40,901M30,946.92M
Operating cash flow5,999M4,349.03M
Currency in SGDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 1,448.82M 12,392.02M 14,353.51M 16,381.11M 13,074M
Gross Profit -- -- -- -- --
Operating income 3,783.64M 4,156.68M 4,700.65M 5,099.41M 3,432M
Income before tax 3,776.91M 4,206.76M 4,826.21M 5,174.22M 3,536M
Net income 3,012.20M 3,287.96M 3,896.94M 4,245.95M 2,824M
EBITDA -- -- -- -- --
Diluted EPS 1.85 1.98 2.33 2.53 1.68
Dividends Per Share 0.70 1 1.20 1.30 0.78
Total Assets 340,140.86M 358,702.05M 388,092.35M 404,408.58M 431,814M
Total liabilities 309,193.55M 324,639.43M 350,279.56M 364,544.65M 390,683M
Total equity 30,778.70M 33,875.96M 37,623.09M 39,636.51M 40,901M
Operating cash flow 4,121.99M 7,072.45M 4,310.32M 4,463.26M 5,999M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 1,049.37M 8,976.61M 10,637.72M 12,007.87M 9,478.12M
Gross Profit -- -- -- -- --
Operating income 2,740.48M 3,011.04M 3,483.76M 3,738.03M 2,488.06M
Income before tax 2,735.61M 3,047.32M 3,576.82M 3,792.86M 2,563.45M
Net income 2,181.72M 2,381.76M 2,888.11M 3,112.42M 2,047.28M
EBITDA -- -- -- -- --
Diluted EPS 1.34 1.43 1.72 1.86 1.22
Dividends Per Share 0.50 0.72 0.88 0.95 0.56
Total Assets 235,440.47M 268,409.18M 284,733.93M 300,753.77M 326,723.40M
Total liabilities 214,019.21M 242,920.84M 256,991.60M 271,107.45M 295,602.45M
Total equity 21,304.56M 25,348.66M 27,603.15M 29,477.19M 30,946.92M
Operating cash flow 2,985.54M 5,123.18M 3,194.48M 3,271.71M 4,349.03M

Valuation Measures

Dec 2020
PER13.35
ROA0.67%
ROE7.01%
Operating margin26.25%
Profit margin21.60%

Key executives

  • Deputy Chairman & Chief Executive Officer: Ee Cheong Wee
  • Group Head-Technology & Operations: Wai Cheng Hwee
  • Group Chief Financial Officer: Wai Fai Lee
  • Chief Information Officer: Setio Darmawan
  • Group Head-Compliance: Vinh Tri Ngo

Shareholders

  • WEE FAMILY (10.1%)
  • LIEN FAMILY (5.1%)
  • Tai Tak Estates Sdn. Bhd. (4.0%)
  • Haw Par Corp. Ltd. (2.7%)
  • The Vanguard Group, Inc. (1.7%)
  • BlackRock Fund Advisors (1.4%)
  • WEE CHO YAW (1.2%)
  • Baillie Gifford & Co. (0.9%)
  • Norges Bank Investment Management (0.7%)
  • Vontobel Asset Management, Inc. (0.7%)

Contact Details

  • Website:http://www.uobgroup.com
  • Address: UOB Plaza 2, 80 Raffles Place, Singapore, 048624, Singapore
  • Phone: +65.6222.2121

Related Companies

  • UOBSPG (Securities)
  • U.S. RE Fund II Offshore Feeder 1 Ltd.
  • Industrial & Commercial Property (S) Pte Ltd.
  • PT UOB Property
  • UOB Realty (USA) LP
  • UOB Property Investments China Pte Ltd.
  • UOBBF Clearing Ltd.
  • UOBM Nominees (Tempatan) Sdn. Bhd.
  • United Overseas Bank Ltd. (Brunei)
  • United Overseas Bank Ltd. (Myanmar)
  • United Overseas Bank Ltd. (United Kingdom)
  • United Overseas Bank Ltd. (India)
  • United Overseas Bank Ltd. (Japan)
  • United Overseas Bank Ltd. (Vietnam)
  • United Overseas Bank Ltd. (Vancouver Branch)
  • United Overseas Bank Limited
  • UOB (Australia) Ltd.
  • United Overseas Bank Hong Kong
  • United Overseas Bank Ltd. (Taiwan)
  • HSBC Holdings Plc /Asian Wholesale Banknotes Bus/
  • United Overseas Bank (Australia)
  • United Securities (2006) Pte Ltd.
  • UOB Bullion & Futures Co. Ltd. (Thailand)
  • United Overseas Bank (China) Ltd.
  • UOB Travel Planners Pte Ltd.
  • UOB Property Investments Pte Ltd.
  • UOB Holdings (USA), Inc.
  • UOB Capital Management Pte Ltd.
  • Uobbulion & Futures Ltd. /Taiwan Branch/
  • United Overseas Bank Ltd. (Korea)

Competitors

  • Kasikornbank Public Co. Ltd.
Last Updated on 7 May, 2021

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