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ASEAN STOCK WATCH 3 July 2010

ASEAN Stock Feature United Overseas Bank Limited

Shayne Heffernan
www.livetradingnews.com

United Overseas Bank Limited (UOB or the Bank) is principally engaged in the business of banking in all its aspects, including the operation of an Asian Currency Unit under the terms and conditions specified by the Monetary Authority of Singapore (MAS).

Shayne Heffernan of Ebeling Heffernan has put a price target on OTC:UOVEY of $40 for 2011.

The principal activities of its major subsidiaries include commercial banking, merchant banking, leasing, insurance, investment, investment management, gold/futures dealing, property, property management and travel.

The Bank provides a range of financial services through its global network of branches, offices, subsidiaries and associates, personal financial services, private banking, commercial and corporate banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management, insurance and stockbroking services. In August 2009, the Bank announced that its subsidiaries, UOB.Com Pte. Ltd. and FEB Realty Company Pte Ltd commenced voluntary liquidation.

United Overseas Bank Limited (UOB) has subscribed for another 456 million new ordinary shares in Evergrowing Bank Co, Ltd, China (Evergrowing Bank), at RMB 3 per share in cash.

This is via Evergrowing Bank’s private placement to existing and new investors.

Together with UOB’s purchase of 260 million shares in June 2008 and receipt of 104 million bonus shares in December 2009 from Evergrowing Bank, UOB now owns 820 million shares or about 12.06 per cent of the enlarged issued share capital of Evergrowing Bank.

Evergrowing Bank has increased its issued share capital from RMB 1,690 million to RMB 6,800 million.

Following the subscription, UOB maintains its position as the second largest shareholder in Evergrowing Bank, after Yantai Blue Sky Investment Holding Co, Ltd. The shares of Evergrowing Bank are not listed.

UOB netted a one-time gain of $82 million from selling UOB Life Assurance to British giant Prudential in January.

But even without the one-off gain, after-tax profits were still up 51.1 per cent during the same period, a result that underlines the economic recovery, according to the bank yesterday.

The robust results – up from the $409 million recorded a year earlier – easily beat the average forecast of $519 million by five analysts polled by Reuters. It was also above the $566.2 million estimated by analysts compiled by Bloomberg.

Net interest income – what the bank earns from borrowers after interest paid to depositors – was up 0.9 per cent on the previous quarter to $900 million. This was due to higher loans yields and the group’s interest bearing assets.

United Overseas Bank Limited

* UOB Annual Report 2009 (PDF: 1.4MB)

* UOB Summary Financial Report 2009 (PDF: 584KB)

 

Past years’ Annual Reports

 

* UOB Annual Report 2008 (PDF: 2.3MB)

* UOB Annual Report 2007 (PDF: 2.68MB)

* UOB Annual Report 2006 (PDF: 4.55MB)

* UOB Annual Report 2005 (PDF: 4.39MB)

* UOB Annual Report 2004 (PDF: 2.92MB)

* UOB Annual Report 2003 (PDF: 7.26MB)

* UOB Annual Report 2002 (PDF: 2MB)

 


 


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