United Overseas Bank Limited · SGX:U11
United Overseas Bank — Debt Investor Presentation (September 2025)
59 slides from United Overseas Bank's debt investor presentation, September 2025
Slide 1: UOB Group: Steady performance amid macro uncertainties
UOB Group Steady performance amid macro uncertainties September 2025 Disclaimer: The mater ial in this presentation contains gener al background information about United Overseas Bank Lim ited (“UOB”) and its act ivit ies as at the d ate of the pre sentat ion. The informat ion is g iven in summary f
Slide 2: Agenda
Agenda 1 Overview of UOB Group 2 Strong UOB Fundamentals 3 Resilience of the Singapore Housing Market & UOB’s Cover Pool Appendices A Macroeconomic Outlook B Sustainable Development C Our Growth Drivers D Latest Financials 2 ## RESTRICTED ##
Slide 3: 1. Overview of UOB Group
1. Overview of UOB Group 3 ## RESTRICTED ##
Slide 4: UOB Overview
UOB Overview Founding Key Statistics for 1H25 Founded in August 1935 by a group of Chinese ■ Gross loans : SGD343b (USD269b1) businessmen and Datuk Wee Kheng Chiang, ■ Customer deposits : SGD405b (USD318b1) grandfather of the present UOB Group CEO, Mr. Wee ■ Loan / Deposit ratio : 83.7% Ee Cheong. ■
Slide 5: Delivering long-term and sustainable returns
Delivering long-term and sustainable returns Payout ratio Capital Distribution Package (%) 49 50 50 50 $3 billion Dividend per 50 cents ordinary share (¢) Special Dividend in 2025 ▪ $0.4b in May 2025 180 ▪ $0.4b in Aug 2025 170 135 92 Final 85 $2 billion 75 85 Share Buyback by 2027 ▪ $255m or 13% co
Slide 6: A leading Singapore bank; Established franchise in core market segments
A leading Singapore bank; Established franchise in core market segments Group Retail Group Wholesale Banking Global Markets ▪ Best Retail Bank in Singapore ▪ Best SME Bank in Singapore ▪ Strong player in Singapore dollar ▪ Strong player in credit cards and ▪ Seamless access to regional treasury inst
Slide 7: Proven track record of execution
Proven track record of execution ▪ UOB Group’s management has a proven track record in steering the Group through various global events and crises ▪ Stability of management team ensures consistent execution of strategies ▪ Disciplined management style which underpins the Group’s overall resilience a
Slide 8: Comprehensive regional banking franchise
Comprehensive regional banking franchise Extensive Regional Footprint 1H25 performance by segment Myanmar Greater China1 Group Income 1 branch 20 branches Retail SGD191b2 Assets under Thailand 142 branches Vietnam 5 branches SGD2.6b management +5% YoY Malaysia Philippines -5% YoY 54 branches 1 branc
Slide 9: Comparison against peers
Comparison against peers Standalone Cost Returns Liquidity Strength Management Moody’s baseline Costs/income Return on average Loan/deposit Moody’s S&P Fitch credit assessment ratio assets (annualised) ratio Aa1 AA– AA– UOB a1 44% 1.1% 84% Aa1 AA– AA– OCBC a1 39% 1.4% 79% Aa1 AA– AA– DBS a1 39% 1.4%
Slide 10: Capital and leverage ratios
Capital and leverage ratios Reported Common Equity Tier 1 CAR 17.0% 17.0% 15.3% 14.9% 14.7% 14.6% 14.3% 13.5% 13.2% 13.1% 13.0% 12.2% 12.0% Fully-loaded 15.3% 15.1% 15.1% 1 1 1 2 2 Return on OCBC DBS UOB MBB CIMB HSBC SCB Citi RBC TD BOA CBA NAB Average Equity (annualised) 12.6% 17.0% 11.7% 11.3% 11
Slide 11: 2. Strong UOB Fundamentals
2. Strong UOB Fundamentals 11 ## RESTRICTED ##
Slide 12: Disciplined balance sheet management
Disciplined balance sheet management Return on risk-weighted assets Focus on 1.74% 2.16% 2.27% 2.14% Healthy 1.68% balance portfolio FY21 FY22 FY23 FY24 1H25 sheet quality efficiency Current Account Saving Account Balances (SGD b) 4.2% CAGR1 198 189 221 229 175 FY21 FY22 FY23 FY24 1H25 Proactive Rob
Slide 13: Loans growth of 4% YoY and 1% QoQ, mainly from corporates and mortgages in Singapore
Loans growth of 4% YoY and 1% QoQ, mainly from corporates and mortgages in Singapore By Industry By Geography +4% +1% 5% 5% 328 334 338 341 343 Rest of the world 49 49 48 49 51 Greater China 53 49 52 51 48 24% 27% 69 73 74 74 74 ASEAN-4 $343b Jun-25 Singapore 158 163 164 167 170 Jun-24 Sep-24 Dec-24
Slide 14: Exposure to Greater China
Exposure to Greater China 78.6 75.3 73.7 Debt ($b) 9.0 69.9 9.0 8.0 7.8 63.0 8.1 Non Bank ($b) 52.6 ▪ ~$1b in loans to Chinese 49.3 52.2 51.1 developers (0.4% of group loans) 48.0 Bank ($b) 17.0 17.0 13.5 11.0 6.9 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Mainland China Hong Kong SAR Bank exposure ($4.7b)
Slide 15: Exposure to Commercial Real Estate - Office
Exposure to Commercial Real Estate - Office Commercial Real Estate - Office exposure is 5.9% of loans By geography as % of loans • Almost half of office exposure 0.2% Others is in Singapore 0.6% 0.8% 0.8% United Kingdom 0.8% • Overseas exposure backed 0.8% United States by strong sponsors Jun-25 5.9
Slide 16: Strong investment grade credit ratings
Strong investment grade credit ratings A regular issuer in key debt capital markets globally Aa1 / P-1 AA– / A-1+ AA– / F1+ CNY Add Tier 1 (Baa1; BBB-; EUR BBB+)1 4% 12% Debt Class 12% USD Covered Currency 25% Tier 2 30% (Aaa; AAA, 14% (A2; SGD 12% S$22b NR)1 BBB+; S$22b equivalent A)1 equivalent 13
Slide 17: Why UOB?
Why UOB? Stable Integrated regional Strong Balance growth management platform fundamentals with stability • Proven track record • Truly regional bank • Strong Common Equity • More than half of Group’s in steering the bank with full ownership and Tier 1 capital adequacy earnings from home through var
Slide 18: 3. Resilience of the Singapore Housing Market & UOB's Cover Pool
3. Resilience of the Singapore Housing Market & UOB’s Cover Pool 18 ## RESTRICTED ##
Slide 19: Singapore mortgages remain a low-risk asset class
Singapore mortgages remain a low-risk asset class Low risk of housing bubbles due to cooling measures High national savings rate (% of GDP) (1Q15 = 100) US , 188.9 CA , 177.2 SG, 39 AU , 157.7 HK, 27 SG, 146.9 CA, 23 AU, 22 HK, 94.6 US, 18 1Q15 2Q16 3Q17 4Q18 1Q20 2Q21 3Q22 4Q23 1Q25 2020 2021 2022
Slide 20: USD15,000,000,000 Global Covered Bond Programme
USD15,000,000,000 Global Covered Bond Programme Issuer United Overseas Bank Limited Issuer Long Term Rating Aa1 (stable) / AA- (stable) / AA- (stable) (Moody’s / S&P / Fitch) Issuer Short Term Rating P-1 / A-1+ / F1+ (Moody’s / S&P / Fitch) Programme Limit USD15,000,000,000 LCR Status / ECB Repo Eli
Slide 21: Covered Bond Structure
Covered Bond Structure Notwithstanding that CPF’s consent is required for the transfer or assignment of mortgages relating to CPF Loans, no such consent is required for a declaration of trust over mortgages relating to CPF Loans. The Seller is acting as the Assets Trustee and the CPF Loans are held
Slide 22: UOB's Cover Pool Profile
UOB’s Cover Pool Profile Overview of Cover Pool (as of Jul’25) Current Loan Balances Mainly <SGD1m Number of Mortgage Accounts 20,664 6% 6% 6% 6% 6% 6% 6% 6% 6% 4% 4% 4% 4% 4% 4% 4% 4% 4% SGD’000 Total Current Balance (SGD) 12.8 billion 8% 8% 7% 7% 7% 7% 7% 7% 7% Average Current Loan Balance (SGD) 6
Slide 23: Cover Pool Has Been Stable
Cover Pool Has Been Stable Primarily Condominiums and Apartment Diversified Geographical Distribution 5% 5% 5% 5% 5% 5% 5% 5% 5% 11% 10% 10% 11% 11% 11% 11% 11% 11% 6% 6% 6% 6% 6% 6% 6% 6% 6% 5% 5% 5% 5% 5% 5% 5% 5% 5% 16% 16% 16% 14% 14% 15% 15% 15% 15% Others 15% 15% 15% 18% 18% 18% 18% 18% 18% Re
Slide 24: Cover Pool Has Been Stable (Cont'd)
Cover Pool Has Been Stable (Cont’d) Majority Owner Occupied Loans Mainly for Purchases 21% 21% 22% 19% 20% 20% 21% 21% 21% Refinance 25% Investment 79% 78% 78% 81% 80% 79% 79% 79% 78% Owner Occupied Purchase 75% Sep'23 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Jul'25 Well Seasoned Portfolio (
Slide 25: Appendix A. Macroeconomic Outlook
Appendix A. Macroeconomic Outlook 25 ## RESTRICTED ##
Slide 26: ASEAN: Navigating US Tariff Risks Amid Slowing Growth
ASEAN: Navigating US Tariff Risks Amid Slowing Growth Supply Chain Shifts, Intra-Regional Trade, Infrastructure and Policy Support to Anchor Medium-Term Outlook 2024 GDP growth 2025F GDP growth +5.0 +4.9 2026F GDP growth +4.2 China +7.1 +7.0 +2.5 +6.9 +2.0 +1.8 Vietnam Thailand +5.1 +4.0 +4.3 +4.4 +
Slide 27: Expecting three 25-bps Fed cuts in 2H25
Expecting three 25-bps Fed cuts in 2H25 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 5-Sep-25 4Q25F 1Q26F 2Q26F 3Q26F US 10-Year Treasury 3.88 4.20 4.40 3.78 4.57 4.21 4.23 4.15 4.10 4.00 4.00 4.10 US Fed Funds 5.50 5.50 5.50 5.00 4.50 4.50 4.50 4.50 3.75 3.75 3.50 3.25 SG 3M SORA 3.71 3.68 3.64 3.49 3.07 2.5
Slide 28: Macro resilience across key Southeast Asian markets
Macro resilience across key Southeast Asian markets Significantly Higher Foreign Reserves (USD billion) Improved Current Account Balances (% of GDP) 405 15.6 17.5 262 153 121 75 30 24 26 1.7 2.1 Singapore Thailand Indonesia Malaysia –2.0 –1.5 –0.6 –5.4 Singapore Malaysia Thailand Indonesia Dec 1998
Slide 29: Singapore has implemented Basel IV
Singapore has implemented Basel IV5 Year ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 ’26 ’27 Basel III capital ratios Phased-in Full IFRS 9 | Start LCR1 Phased-in Full NSFR2 | Start SACCR3 | Start date (pending) TLAC4 Phased-in Full Basel IV5 Phased-in -- MCRMR6 | Start -- Leverage ratio Dis
Slide 30: Capital adequacy rules across the region
Capital adequacy rules across the region BCBS Singapore Malaysia Thailand Indonesia Minimum CET1 CAR 4.5% 6.5%1 4.5% 4.5% 4.5% Minimum Tier 1 CAR 6.0% 8.0%1 6.0% 6.0% 6.0% Minimum Total CAR 8.0% 10.0%1 8.0% 8.5% 8.0% Capital Conservation Buffer 2.5% 2.5% 2.5% 2.5% 2.5% Countercyclical Buffer 2 n/a 0
Slide 31: Appendix B. Sustainable Development
Appendix B. Sustainable Development 31 ## RESTRICTED ##
Slide 32: UOB's responsible financing journey: pragmatic and progressive
UOB’s responsible financing journey: pragmatic and progressive Establishing Improving Strengthening 2015 – 2016 2017 – 2018 2019 – 2022 2023 – 2025 • Launched the Group • Enhanced ESG • Announced our net zero commitment. • Completed the design of a net zero Responsible Financing monitoring and Stren
Slide 33: TCFD Implementation: Climate Scenario Analysis
TCFD Implementation: Climate Scenario Analysis Qualitative Transition Risk Transition Risk Scenario Physical Risk Pilot Analysis Improved Methodology Assessment Analysis Pilot 2019 2020 2021 2022-2025 • Completed qualitative • Partnered an • Conducted a pilot physical risk analysis • Developed an im
Slide 34: Net zero by 2050 commitment with a focus on 6 priority sectors
In October 2022, we announced our commitment to achieving net zero by 2050, with a focus on 6 priority sectors Energy Built environment Net zero targets and commitments for six sectors We focused on two significant, high-emitting ecosystems, energy and built environment, spanning 6 sectors based on:
Slide 35: 2 years on, progressing across all priority sectors
2 years on, we are progressing across all priority sectors, and are trending below the reference pathways 35 ## RESTRICTED ##
Slide 36: Nature risks: portfolio has low to medium risk
Nature risks: Our portfolio has low to medium risk, with ~20% estimated to have material impacts and/or dependencies on nature • UOB’s overall portfolio has low to medium risk based on direct sector scores • 5 sub-sectors with material impacts and/or dependencies on nature (~20% of exposure) • Agric
Slide 37: Nature opportunities: sustainable finance portfolio
Nature opportunities: ~60% of our sustainable finance portfolio is focused on the nature-climate nexus 37 ## RESTRICTED ##
Slide 38: Appendix C. Our Growth Drivers
Appendix C. Our Growth Drivers 38 ## RESTRICTED ##
Slide 39: Our growth drivers
Our growth drivers Realise potential of Sharpen regional Reinforce fee Long-term growth our integrated focus income growth perspective platform • Provides us with ability • Global macro • Grow fee income to • Disciplined approach in to serve expanding environment remains offset competitive executing
Slide 40: Southeast Asia's immense long-term potential
Southeast Asia’s immense long-term potential Population GDP1 Southeast Asia’s immense … that UOB is uniquely growth prospects… placed to capture (Million persons) (USD trillion) ▪ Third largest population ▪ Most diverse regional globally, after China and franchise among Singapore India banks 685 723
Slide 41: Strong retail presence in high potential regional markets
Strong retail presence in high potential regional markets High Vietnam 8 2022 retail banking pool sizes 4 Philippines USD b Denotes UOB’s core markets in Southeast Asia Banking penetration Indonesia ✓ ✓ was launched growth potential ✓ in Thailand, 14 Indonesia, Singapore and Malaysia. ✓ 14 Thailand
Slide 42: Revenue potential from 'connecting the dots' in the region
Revenue potential from ‘connecting the dots’ in the region Industry’s potential connectivity revenue Industry’s potential connectivity revenue (2026) (SGD b) c$79b CAGR (SGD b) Thailand Vietnam c$23b c$1b c$2b c$59b +10% Singapore c$4b c$15b Malaysia c$13b +10% c$4b Hong Kong Wealth c$8b c$5b Others
Slide 43: Appendix D. Latest Financials
Appendix D. Latest Financials 43 ## RESTRICTED ##
Slide 44: 1H25 net profit at $2.8 billion
1H25 net profit at $2.8 billion Growth in operating profit offset by pre-emptive credit provisioning 1H25 1H24 YoY 2Q25 1Q25 QoQ 2Q24 YoY $m $m +/(-)% $m $m +/(-)% $m +/(-)% Net interest income 4,745 4,763 (0) 2,336 2,409 (3) 2,401 (3) Net fee income 1,330 1,198 11 636 694 (8) 618 3 Other non-intere
Slide 45: 1H25 financial overview
1H25 financial overview Net Profit After Tax Movement, 1H25 vs 1H24 (SGD m) 18 132 9 10 174 38 2 1 1 2,912 2,828 -3% –0% +11% +1% –0% +44% –67% +0% 1H24 net Net interest Net fee and Other non- Operating Total Share of profit Tax, 1H25 net profit after tax income commission interest expenses allowanc
Slide 46: 2Q25 financial overview
2Q25 financial overview Net Profit After Tax Movement, 2Q25 vs 1Q25 (SGD m) 74 58 60 24 11 25 29 1,490 1,338 -10% –3% –8% –11% –2% –4% –114% –9% 1Q25 net Net interest Net fee and Other non- Operating Total Share of profit Tax, 2Q25 net profit after tax income commission interest expenses allowances
Slide 47: Group Retail
Group Retail Selected income statement data Highlights 1H25 1H24 YoY • PBT rose as one-off expenses and credit cost pressures from operational $m $m % merger in Thailand have abated Income 2,592 2,695 (4) • Strategic priorities of CASA, cards and wealth delivered results, offsetting Lending, Deposit
Slide 48: Group Wholesale Banking
Group Wholesale Banking Selected income statement data Highlights 1H25 1H24 YoY $m $m % • PBT impacted by exogenous factors like lower benchmark rates and keen Income 3,254 3,415 (5) competition for quality assets, while allowance rose from a low base Transaction Banking 1,596 1,863 (14) • Amid tari
Slide 49: Global Markets
Global Markets Continue to deliver strong customer flows Total income ($m) 1,082 787 530 614 270 556 Treasury Non-Customer 526 311 352 374 284 247 97 123 Treasury Customer1 516 552 255 304 251 272 280 1H24 1H25 2Q24 3Q24 4Q24 1Q25 2Q25 Total Assets2 ($b) 141 143 141 155 147 142 143 1. Reflects incom
Slide 50: Net interest income moderated as asset growth cushioned effects
Net interest income moderated as asset growth cushioned effects of sharp decline in benchmark rates 2.49 2.51 2.56 2.48 2.33 2.40 2.27 Loan Margin (%) Net Interest Margin (%) 2.04 2.05 2.05 1.96 2.00 2.00 1.91 Interbank & Securities Margin (%) 1.16 1.11 1.10 1.16 1.16 0.98 1.01 -0% 4,763 4,745 NII f
Slide 51: Net interest margin eased on asset repricing
Net interest margin eased on asset repricing mitigated by improved funding and balance sheet management Loan Margin (%) 2.40 2.40 2.27 Interbank & Securities 1.16 1.16 Margin (%) Net Interest Margin (%) 2.00 1.91 -0.23 0.01 0.13 1Q25 Asset Funding Volume/ Mix 2Q25 repricing cost SGD -0.07 | 3M SORA
Slide 52: 2Q25 fee income declined from last quarter's record high
2Q25 fee income declined from last quarter’s record high, Wealth fees affected by cautious approach amid macro uncertainties +11% 1,724 1,560 172 Others ($m) 183 565 Credit Card ($m) 527 -7% 896 805 812 90 829 784 401 90 89 82 91 Wealth ($m) 336 281 273 276 284 304 213 173 183 188 586 178 Loan / Tra
Slide 53: Total expenses declined on tighter cost discipline
Total expenses declined on tighter cost discipline 45.6 44.3 44.4 44.1 43.5 42.4 42.6 Cost-to-income Ratio (%) 3,105 3,095 Other expenses1 ($m) 776 758 - 2% 1,626 1,579 IT-related expenses ($m) 527 512 - 3% 1,534 1,559 1,535 377 379 401 361 397 262 253 259 267 259 Staff costs ($m) 1,801 1,825 + 1% 8
Slide 54: Stable NPL ratio at 1.6% and new NPAs within expectation
Stable NPL ratio at 1.6% and new NPAs within expectation 1.5 1.5 1.5 1.6 1.6 NPL ratio (%) Non-Performing Assets 5,210 5,361 5,386 4,952 5,055 619 609 736 Rest of the world 467 445 Greater China 1,047 1,001 1,101 1,387 1,330 ASEAN-4 2,315 2,522 2,469 2,440 2,441 Singapore 1,123 1,087 1,021 925 879 2
Slide 55: Specific allowance increased, mitigated by pre-emptive provisions
Specific allowance increased, mitigated by pre-emptive provisions 34 52 24 Total credit costs (bps) Specific credit costs (bps) 36 35 26 32 20 24 34 32 25 21 19 563 134 380 212 General allowance on loans ($m) 53 281 290 274 429 1 194 439 133 Specific allowance on loans ($m) 328 25 296 273 169 156 (1
Slide 56: Provision coverage maintained at prudent levels
Provision coverage maintained at prudent levels 33 32 32 Specific allowance/NPA (%) 30 30 General allowance on loans include 0.9 0.9 0.8 0.8 0.8 RLAR/Performing loans (%) 4,851 5,026 4,829 4,764 4,765 RLAR ($m) 379 379 379 379 379 General allowance ($m) 2,901 2,963 2,733 2,833 2,776 Specific allowan
Slide 57: Healthy liquidity and funding base with continued CASA growth
Healthy liquidity and funding base with continued CASA growth 149 All-currency LCR (%) 141 143 143 141 118 116 116 118 Net Stable Fund Ratio (NSFR) (%) 116 83.4 82.3 82.7 84.0 83.7 Loan/Deposit Ratio (LDR) (%) 470 468 467 465 450 61 70 64 66 60 Wholesale Funding ($b) 1 186 183 180 176 FD & others ($
Slide 58: Robust CET1 ratio at 15.3% following capital returns to shareholders
Robust CET1 ratio at 15.3% following capital returns to shareholders 15.5 15.5 15.5 15.3 CET1 ratio (%) 13.4 CET1 ratio (%) 15.1 15.2 15.4 15.4 – Fully Loaded 284 260 269 266 252 RWA ($b) 1 1 Jun-24 Sep-24 Dec-24 Mar-25 1 Jun-25 1 Leverage ratio (%) 7.1 6.8 6.9 7.3 7.1 1. Based on MAS Notice 637 iss
Slide 59: Right By You
@ Right By You
United Overseas Bank — Debt Investor Presentation (September 2025) on 6ix