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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. (Singapore) engages in the provision of financial services. It operates through the following segments: Group Retail (GR); Group Wholesale Banking (GWB); Global Markets (GM); and Others. The GR segment provides customers with financial solutions. The GWB segment offers tailored financial solutions, services and sector insights. The GM segment manages the bank's liquidity, investments, and market making financial instruments. The Others segment covers non-banking activities and corporate functions. The company was founded by Wee Kheng Chiang on August 6, 1935 and is headquartered in Singapore.

Financial Highlights

Dec 2019 SGDUSD
Revenue16,381.11M12,007.87M
Gross Profit----
Operating income5,099.41M3,738.03M
Income before tax5,174.22M3,792.86M
Net income4,245.95M3,112.42M
EBITDA----
Diluted EPS2.531.86
Dividends Per Share1.300.95
Total Assets404,408.58M300,753.77M
Total liabilities364,544.65M271,107.45M
Total equity39,636.51M29,477.19M
Operating cash flow4,463.26M3,271.71M
Currency in SGDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 10,914.01M 11,351.44M 12,392.02M 14,353.51M 16,381.11M
Gross Profit -- -- -- -- --
Operating income 3,829.76M 3,783.64M 4,156.68M 4,700.65M 5,099.41M
Income before tax 3,868.70M 3,776.91M 4,206.76M 4,826.21M 5,174.22M
Net income 3,143.49M 3,012.20M 3,287.96M 3,896.94M 4,245.95M
EBITDA -- -- -- -- --
Diluted EPS 1.93 1.85 1.98 2.33 2.53
Dividends Per Share 0.70 0.70 1 1.20 1.30
Total Assets 316,118.80M 340,140.86M 358,702.05M 388,092.35M 404,408.58M
Total liabilities 286,541.02M 309,193.55M 324,639.43M 350,279.56M 364,544.65M
Total equity 29,422.41M 30,778.70M 33,875.96M 37,623.09M 39,636.51M
Operating cash flow 1,969.39M 4,121.99M 7,072.45M 4,310.32M 4,463.26M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 7,935.97M 8,221.82M 8,976.61M 10,637.72M 12,007.87M
Gross Profit -- -- -- -- --
Operating income 2,784.76M 2,740.48M 3,011.04M 3,483.76M 3,738.03M
Income before tax 2,813.07M 2,735.61M 3,047.32M 3,576.82M 3,792.86M
Net income 2,285.75M 2,181.72M 2,381.76M 2,888.11M 3,112.42M
EBITDA -- -- -- -- --
Diluted EPS 1.40 1.34 1.43 1.72 1.86
Dividends Per Share 0.50 0.50 0.72 0.88 0.95
Total Assets 222,830.71M 235,440.47M 268,409.18M 284,733.93M 300,753.77M
Total liabilities 201,981.47M 214,019.21M 242,920.84M 256,991.60M 271,107.45M
Total equity 20,739.72M 21,304.56M 25,348.66M 27,603.15M 29,477.19M
Operating cash flow 1,432.01M 2,985.54M 5,123.18M 3,194.48M 3,271.71M

Valuation Measures

Dec 2019
PER10.37
ROA1.07%
ROE10.99%
Operating margin31.12%
Profit margin25.91%

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: Victor Ngo

Shareholders

  • WEE FAMILY (10.2%)
  • LIEN FAMILY (5.1%)
  • Tai Tak Estates Sdn. Bhd. (4.1%)
  • Haw Par Corp. Ltd. (3.1%)
  • The Vanguard Group, Inc. (2.2%)
  • BlackRock Fund Advisors (1.3%)
  • WEE CHO YAW (1.2%)
  • Norges Bank Investment Management (0.9%)
  • Baillie Gifford & Co. (0.9%)
  • Vontobel Asset Management, Inc. (0.7%)

Contact Details

  • Website:http://www.uobgroup.com
  • Address: UOB Plaza 2, 80 Raffles Place, Singapore, 048624, Singapore
  • Phone: +65.6533.9898

Related Companies

  • 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
  • Lee Wah Bank Ltd.
  • 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 25 Sep, 2020

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