United Overseas Bank : Interim Financial Statements

To: All Shareholders

The Board of Directors of United Overseas Bank Limited wishes to make the following announcement:

Unaudited Financial Results for the First Half Ended 30 June 2021

Details of the financial results are in the accompanying Condensed Interim Financial Statements.

Dividends for the First Half Ended 30 June 2021

Ordinary share dividend

An interim one-tiertax-exempt dividend of 60 cents (1H20: 39 cents) per ordinary share has been declared in respect of the financial year ending 31 December 2021. The dividend will be paid in cash on 27 August 2021. The UOB scrip dividend scheme will be suspended.

Notice is hereby given that the Share Transfer Books and Register of Members of the Bank will be closed on 18 August 2021, for determining shareholders' entitlements to the interim dividend. Registrable transfers received by the Bank's Registrar, Boardroom Corporate & Advisory Services Pte Ltd at 50 Raffles Place, Singapore Land Tower #32-01, Singapore 048623, up to 5.00 pm on 17 August 2021 will be registered for the interim dividend. In respect of ordinary shares in securities accounts with The Central Depository (Pte) Limited ("CDP"), entitlements to the interim dividend will be computed based on the shareholdings position after settlement of all trades on 17 August 2021 ("Record Date"). The interim dividend will be paid by the Bank to CDP which will, in turn, distribute the dividend to holders of the securities accounts.

Interested Person Transactions

The Bank has not obtained a general mandate from shareholders for Interested Person Transactions.

Confirmation by Directors

The Board of Directors hereby confirms that, to the best of its knowledge, nothing has come to its attention which may render the unaudited financial results of the Group for the first half ended 30 June 2021 to be false or misleading in any material aspect.

Undertakings from Directors and Executive Officers

The Bank has procured undertakings in the form set out in Appendix 7.7 of the Listing Manual from all its directors and executive officers pursuant to Rule 720(1) of the Listing Manual.

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BY ORDER OF THE BOARD

UNITED OVERSEAS BANK LIMITED

Joyce Sia / Theresa Sim

Company Secretaries

Dated this 4th day of August 2021

The results are also available at www.UOBgroup.com

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UNITED OVERSEAS BANK LIMITED AND ITS SUBSIDIARIES

Condensed Interim Financial Statements

For the First Half Ended 30 June 2021

United Overseas Bank Limited

Incorporated in the Republic of Singapore

Company Registration No. 193500026Z

United Overseas Bank Limited and Its Subsidiaries

Contents

Page

1. Financial Highlights

1. Performance Review

1. Net Interest Income
2. Non-InterestIncome
3. Operating Expenses
4. Allowance for Credit and Other Losses
5. Customer Loans

10	Non-Performing Assets

1. Customer Deposits
2. Performance by Business Segment

16	Performance by Geographical Segment

1. Capital Adequacy and Leverage Ratios
2. Consolidated Income Statement
3. Consolidated Statement of Comprehensive Income
4. Balance Sheets
5. Statements of Changes in Equity

24	Consolidated Cash Flow Statement
25	Notes to the Condensed Interim Financial Statements
Summary of Significant Accounting Policies
26	Income Tax
26	Share Capital and Other Capital
27	Dividends
27	Classification of Financial Assets and Financial Liabilities
29	Fair Value of Financial Instruments
31	Debts Issued

Notes

1. The condensed interim financial statements are unaudited and presented in Singapore Dollars.
2. Certain comparative figures have been restated to conform with current period's presentation.
3. Certain figures in this report may not add up to the respective totals due to rounding.
4. Amounts less than $500,000 in absolute term are shown as "0".
5. The Group refers to United Overseas Bank Limited and its subsidiaries.
6. The Bank refers to United Overseas Bank Limited.

Abbreviation

"1H21" and "1H20" denote to first half of 2021 and 2020 respectively. "2H20" denotes to second half of 2020.

"NM" denotes not meaningful. "NA" denotes not applicable.

1

United Overseas Bank Limited and Its Subsidiaries

Financial Highlights

Selected income statement items ($m)

Net interest income

Net fee and commission income Other non-interest income Total income

Less: Operating expenses Operating profit

Less: Allowance for credit and other losses

Add: Share of profit of associates and joint ventures

Net profit before tax

Less: Tax and non-controlling interests

Net profit after tax 1

Selected balance sheet items ($m)

Gross customer loans

Customer deposits

Total assets

Shareholders' equity 1

Key financial ratios (%)

Net interest margin 2

Non-interest income/Total income

Cost/Income ratio

Overseas profit before tax contribution

Credit costs on loans (bp) 2

General

Specific

Total

NPL ratio 3

Notes:

1. Relate to amount attributable to equity holders of the Bank.
2. Computed on an annualised basis.
3. Refer to non-performing loans as a percentage of gross customer loans.

1H21	1H20	+/(-)	2H20	+/(-)
		%		%
3,107	3,050	2	2,986	4
1,234	960	28	1,037	19
563	657	(14)	487	16
4,903	4,667	5	4,509	9
2,146	2,126	1	2,058	4
2,757	2,541	9	2,451	12
383	682	(44)	872	(56)
70	40	77	59	19
2,444	1,899	29	1,638	49
433	341	27	282	54
2,011	1,558	29	1,356	48

298,597	280,693	6	281,387	6
338,894	322,688	5	324,598	4
446,506	429,614	4	431,814	3
42,031	40,081	5	40,901	3

1.56	1.60	1.55
36.6	34.7	33.8
43.8	45.6	45.6
43.4	48.1	38.3
10	30	35
15	22	27
24	52	62
1.5	1.6	1.6

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