Financial Highlights

We achieved steady income growth, and maintained a resilient balance sheet and strong capital position.


Total Income

Total income grew 7.9% to reach $8.05 billion, led by a broad-based increase in core income and higher gains on sale of investment securities.

Net interest income grew 8.1% to $4.93 billion, driven by healthy loan growth and improved net interest margin. Net interest margin increased 6 basis points to 1.77%, benefiting from rising short-term interest rates in Singapore.

Non-interest income rose 7.7% to $3.12 billion in 2015. Fee income grew 7.7% to $1.88 billion with credit card, fund management and wealth management activities registering steady growth. Trading and investment income increased 16.8% to $954 million due to higher gains on sale of securities as well as healthy growth in treasury customer income.

$8,048 million
+ 7.9%

Net Profit After Tax

The Group reported net profit after tax of $3.21 billion for 2015, a marginal 1.2% lower from a year ago as prior year results included a higher write-back of tax provisions.

$3,209 million
- 1.2%

Customer Loans/Deposits

Net loans registered a broad-based increase of 3.9% from a year ago to $204 billion in 2015.

Customer deposits grew 2.9% to $241 billion, mainly led by growth in Singapore dollar and US dollar deposits.

The Group’s funding position continued to be strong with loan-to-deposit ratio at 84.7% in 2015.

Note: Net loans were net of total allowances.
From 2013, customer deposits include deposits from financial institutions relating to fund management and operating accounts. Previously, these deposits were classified as “Deposits and balances of banks”.
Customer Loans
$204 billion
+ 3.9%
Customer Deposits
$241 billion
+ 2.9%
Loan/Deposit ratio
84.7 %
+ 0.9% pt

Shareholders’ Equity/Return on Equity

Shareholders’ equity increased 4.1% from a year ago to $30.8 billion as at 31 December 2015, largely contributed by net profits and improved valuations on available-for-sale investments.

Return on equity was 11.0% for 2015.

Shareholders' Equity
$31 billion
+ 4.1%
Return on Equity
11.0 %
- 1.3% pt

Total Assets/Return on Assets

The Group’s total assets grew 3.0% to $316 billion in 2015 mainly on higher loan volume.

Return on assets for 2015 was 1.03%.

Total Assets
$316 billion
+ 3.0%
Return on Assets
1.03 %
- 0.07% pt

Capital Adequacy Ratio (CAR)

As at 31 December 2015, the Group’s strong capital position remained well above the Monetary Authority of Singapore (MAS) minimum requirements with Common Equity Tier 1 (CET1) and Total CAR at 13.0% and 15.6% respectively.

Note: With effect from January 2013, the Group adopted the Basel III framework for its CAR computation in accordance with the revised MAS Notice 637 and CET1 is mandated under MAS Notice 637.
CET1/Tier 1 CAR
13.0 %
- 0.9% pt
Total CAR
15.6 %
- 1.3% pt

Loans by Geography

Gross loans grew 4.0% year-on-year to $207 billion in 2015. In constant currency terms, the underlying loan growth was 5.4%.

Singapore, which accounted for 56% of Group loan base, registered 5.8% growth year-on-year to reach $116 billion while loans outside Singapore grew 1.8%.

Note: Loans by geography is classified according to where credit risks reside, largely represented by the borrower’s country of incorporation/operation (for non-individuals) and residence (for individuals).
$207 billion
+ 4.0%

Overseas Profit Before Tax Contribution

The Group’s net profit before tax was 1.1% higher at $3.87 billion. Singapore increased 0.8% year-on-year to $2.36 billion while overseas grew 1.8%, driven mainly by Thailand, Greater China and overseas branches.

Overseas profit contribution was higher at 38.9% in 2015 when compared with 38.7% a year ago.

38.9 %
+ 0.2% pt

Five-Year Group Financial Summary
2011
2012
2013
2014
2015
Selected Income Statement Items ($ million)  
Total income 5,699 6,495 6,720 7,457 8,048
Total expenses 2,450 2,747 2,898 3,146 3,597
Operating profit 3,248 3,748 3,822 4,311 4,451
Net profit after tax 1 2,327 2,803 3,008 3,249 3,209
Selected Balance Sheet Items ($ million)  
Net customer loans 141,191 152,930 178,857 195,903 203,611
Customer deposits 2 169,460 182,029 214,548 233,750 240,524
Total assets 236,958 252,900 284,229 306,736 316,011
Shareholders’ equity1 22,967 25,080 26,388 29,569 30,768
Financial Indicators (%)  
Expense/Income ratio 43.0 42.3 43.1 42.2 44.7
Non-performing loans ratio 1.4 1.5 1.1 1.2 1.4
Return on average total assets 1.06 1.18 1.12 1.10 1.03
Return on average ordinary shareholders’ equity 11.1 12.4 12.3 12.3 11.0
Capital adequacy ratios3  
Common Equity Tier 1 / Tier 1 13.5 14.7 13.2 13.9 13.0
Total 16.7 19.1 16.6 16.9 15.6
Per ordinary share  
Basic earnings ($) 1.43 1.72 1.84 1.98 1.94
Net asset value ($) 13.23 14.56 15.36 17.09 17.84
Net dividend (cents)4 60 70 75 75 90
Dividend cover (times)4 2.47 2.54 2.54 2.70 2.23
1 Relate to amount attributable to equity holders of the Bank.
2 From 2013, customer deposits include deposits from financial institutions relating to fund management and operating accounts. Previously, these deposits were classified as “Deposits and balances of banks”.
3 With effect from January 2013, the Group adopted the Basel III framework for its capital adequacy ratio computation in accordance with the revised MAS Notice 637 and Common Equity Tier 1 is mandated under MAS Notice 637.
4 Included special dividend of 10 cents in 2012 and 5 cents in 2013 and 2014 respectively. 2015 included UOB’s 80th Anniversary dividend of 20 cents.