United Overseas Bank LimitedSGX: U11

UOB Group FY25/4Q25 Results Condensed Financial Statements

Feb 24, 2026 · Issued by United Overseas Bank Limited

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United Overseas Bank Limited

Head Office

80 Raffles Place UOB Plaza Singapore 048624

Tel (65) 6222 2121

Fax (65) 6534 2334

uobgroup.com

Announcement Co. Reg. No. 193500026Z

To: All Shareholders

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

Audited Financial Results for the Financial Year Ended 31 December 2025

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

Dividend for the Second Half Ended 31 December 2025

Ordinary share dividend

The Directors recommend the payment of a final one-tier tax-exempt dividend of 71 cents (2024: final dividend of 92 cents) per ordinary share for the financial year ended 31 December 2025.

Together with the interim one-tier tax-exempt dividend of 85 cents per ordinary share (2024: 88 cents) paid in August 2025, the total net dividend for the financial year ended 31 December 2025 will be S$1.56 (2024: S$1.80) per ordinary share. The final dividend will be paid in cash on 8 May 2026.

The UOB scrip dividend scheme will not be applied to the final dividend.

The final dividend is subject to shareholders' approval at the forthcoming Annual General Meeting scheduled for 17 April 2026.

Notice is hereby given that the Transfer Books and Register of Members of the Bank will be closed from 5.00 p.m. on 27 April 2026 up to (and including) 28 April 2026, for the purpose of determining shareholders' entitlements to the final dividend. Duly completed registrable transfers of shares received by the Bank's Share Registrar, Boardroom Corporate & Advisory Services Pte Ltd at 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore 098632, up to 5.00 p.m. on 27 April 2026 will be registered for the final dividend. In respect of ordinary shares in securities accounts with The Central Depository (Pte) Limited ("CDP"), entitlements to the final dividend will be computed based on the shareholdings position after settlement of all trades on 27 April 2026. The final dividend will be paid by the Bank to CDP which will, in turn, distribute to holders of the securities accounts.

Page 1 of 2

Singapore Australia Brunei Canada China France Hong Kong India Indonesia Japan

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 audited financial results of the Group for the financial year ended 31 December 2025 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.

Information relating to persons occupying managerial position in the issuer or any of its principal subsidiaries who are relatives of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(13)

Name	Age	Family relationship with any director and/or substantial shareholder	Current position and duties, and the year the position was held	Details of changes in duties and position held, if any, during the year
Wee Ee	73	Brother of Mr Wee Ee	Deputy Chairman &	Nil
Cheong		Lim, director and	CEO
		substantial shareholder;
		and brother of
		Mr Wee Ee Chao,
		substantial shareholder.

BY ORDER OF THE BOARD UNITED OVERSEAS BANK LIMITED

Jeffrey Beh Company Secretary

Dated this 24th day of February 2026

The results are also available at https://www.UOBgroup.com

Page 2 of 2

UNITED OVERSEAS BANK LIMITED AND ITS SUBSIDIARIES Condensed Financial Statements For the Second Half and Financial Year ended 31 December 2025

United Overseas Bank Limited Incorporated in the Republic of Singapore Company Registration No. 193500026Z

Contents Page

2 Financial Highlights

Performance Review
Net Interest Income

Non-Interest Income
Operating Expenses
Allowance for Credit and Other Losses
Customer Loans
Non-Performing Assets

Customer Deposits
Performance by Business Segment

19 Performance by Geographical Segment

Capital Adequacy and Leverage Ratios
Condensed Financial Statements
Income Statement (Audited)
Statement of Comprehensive Income (Audited)
Balance Sheets (Audited)
Statements of Changes in Equity (Audited)

Cash Flow Statement (Audited) Notes to the Condensed Financial Statements
Summary of Material Accounting Policies
Income Tax

31 Share Capital and Other Capital

32 Dividends

32 Classification of Financial Assets and Financial Liabilities

34 Fair Value of Financial Instruments

36 Debts Issued

Attachment: Independent Auditor's Report

Notes:

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

Abbreviation

"2025" and "2024" denote the financial year of 2025 and 2024 respectively. "2H25" and "2H24" denote the second half of 2025 and 2024 respectively. "1H25" denotes first half of 2025.

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

Financial Highlights
	2025	2024	+/(-)	2H25	2H24	+/(-)	1H25	+/(-)
Selected income statement items ($m)			%			%		%
Net interest income	9,355	9,674	(3)	4,611	4,911	(6)	4,745	(3)
Net fee and commission income	2,569	2,395	7	1,239	1,197	3	1,330	(7)
Other non-interest income	1,884	2,225	(15)	837	1,187	(29)	1,047	(20)
Total income	13,808	14,294	(3)	6,687	7,295	(8)	7,121	(6)
Less: Operating expenses	6,157	6,310	(2)	3,062	3,205	(4)	3,095	(1)
Operating profit	7,651	7,984	(4)	3,625	4,090	(11)	4,027	(10)
Less: Amortisation of intangible assets	31	28	9	14	15	(3)	16	(12)
Allowance for credit and other losses	2,042	926	>100	1,474	531	>100	569	>100
Add: Share of profit of associates and joint ventures	79	121	(35)	60	65	(7)	19	>100
Net profit before tax	5,657	7,151	(21)	2,196	3,609	(39)	3,460	(37)
Less: Tax and non-controlling interests	975	1,106	(12)	343	476	(28)	632	(46)
Net profit 1	4,682	6,045	(23)	1,853	3,133	(41)	2,828	(34)

Selected balance sheet items ($m) Gross customer loans	352,180	337,831	4	352,180	337,831	4	342,900	3
Customer deposits	425,938	403,978	5	425,938	403,978	5	405,076	5
Total assets	572,061	537,664	6	572,061	537,664	6	537,838	6
Shareholders' equity 1	51,248	49,733	3	51,248	49,733	3	50,346	2

Key financial ratios (%)
Net interest margin 2	1.89	2.03	1.83	2.02	1.96
Non-interest income/Total income	32.2	32.3	31.0	32.7	33.4
Cost/Income ratio	44.6	44.1	45.8	43.9	43.5
Overseas profit before tax contribution	26.6	28.8	18.5	23.1	31.7
Credit costs on loans (bp) 2 General	22	(5)	36	(14)	8
Specific	33	32	40	44	26
Total	55	27	76	30	34
NPL ratio 3	1.5	1.5	1.5	1.5	1.6

Notes:

Relates to amount attributable to equity holders of the Bank.
Computed on an annualised basis.
Refers to non-performing loans ("NPL") as a percentage of gross customer loans.

Financial Highlights (cont'd)
	2025	2024	2H25	2H24	1H25
Key financial ratios (%) (cont'd)
Return on average ordinary shareholders' equity 1,2	9.6	13.3	7.6	13.5	11.7
Return on average total assets 1	0.86	1.16	0.68	1.19	1.05
Return on average risk-weighted assets 1	1.75	2.27	1.37	2.46	2.14
Loan/Deposit ratio 3 Liquidity coverage ratios ("LCR") 4,8	81.7	82.7	81.7	82.7	83.7
All-currency	143	148	145	142	142
Singapore Dollar	401	478	379	454	423
Net stable funding ratio ("NSFR") 5,8	116	116	116	116	118
Capital adequacy ratios
Common Equity Tier 1	15.1	15.5	15.1	15.5	15.3
Tier 1	16.1	16.6	16.1	16.6	16.3
Total	17.7	18.2	17.7	18.2	17.9
Leverage ratio 6	6.7	6.9	6.7	6.9	7.1
Earnings per ordinary share ($) 1,2
Basic	2.76	3.56	2.18	3.69	3.33
Diluted	2.75	3.54	2.17	3.67	3.32
Net asset value ("NAV") per ordinary share ($) 7	29.36	28.11	29.36	28.11	28.62
Revalued NAV per ordinary share ($) 7	32.81	31.40	32.81	31.40	31.88

Notes:

Computed on an annualised basis.
Calculated based on profit attributable to equity holders of the Bank net of perpetual capital securities distributions.
Refers to net customer loans and customer deposits.
Figures reported are based on average LCR for the respective periods, calculated based on MAS Notice 651. A minimum requirement of Singapore Dollar LCR of 100% and all-currency LCR of 100% shall be maintained at all times.
NSFR is calculated based on MAS Notice 652 which requires a minimum of 100% to be maintained.
Leverage ratio is calculated based on MAS Notice 637 which requires a minimum ratio of 3%.
Perpetual capital securities are excluded from the computation.
Public disclosure required under MAS Notice 651 and 653 is available on the UOB website at https://www.UOBgroup.com/investor-relations/financial/index.html.

Performance Review

2025 versus 2024

Operating profit for 2025 stood at $7.7 billion, easing from last year's record high against an industry backdrop of margin compression and heightened market volatility. Core business drivers remained robust, underpinned by healthy loan expansion, alongside strong growth in fee income and customer treasury flows. Net profit moderated 23% to $4.7 billion primarily due to the Group's proactive decision to strengthen coverage through pre-emptive provisioning in light of evolving macroeconomic conditions and sector-specific challenges.

Net interest income fell 3% year on year to $9.4 billion as net interest margin narrowed 14 basis points to 1.89% on the back of lower benchmark rates. Notwithstanding margin pressures, loan growth remained healthy at 4%, underpinned by a diversified franchise and strong market position. Net fee income rose 7% to a new record of $2.6 billion, as wealth management and loan-related fees reached new heights amid favourable market conditions and rising consumer confidence. Other non-interest income came in at $1.9 billion, down 15% from a year ago as trading income and liquidity management activities normalised following last year's exceptional performance. Customer-related treasury income however registered an all-time high fuelled by strong hedging and investment demand.

Total expenses edged down 2% year on year, with cost-to-income ratio at 44.6%, supported by active cost discipline alongside targeted strategic investments. Total allowance rose to $2.0 billion reflecting pre-emptive provisioning to further reinforce the Group's balance sheet strength.

2H25 versus 2H24

Net profit for 2H25 moderated to $1.9 billion, compared with the second half of last year reflecting margin compression and dynamic market conditions, alongside higher allowance from pre-emptive provisioning.

Net interest income eased 6% to $4.6 billion, primarily from a lower net interest margin due to lower benchmark rates and competitive pricing, offset by loan growth of 4%. Net fee income rose 3% to $1.2 billion, marking the second highest level on record, supported by wealth and loan-related activities. Customer-related treasury income continued its strong momentum, reaching a new high, while other non-interest income fell to $837 million as trading and investment income normalised from last year's exceptional levels.

Total expenses declined 4% with cost-to-income ratio at 45.8%. Total allowance was $1.5 billion largely from the preemptive general allowance set aside in 2H25.

2H25 versus 1H25

Against the first half of the year, net profit was lower at $1.9 billion from thinner margins, softer fee income and trading and investment performance, as well as higher allowance.

Net interest income dipped 3% as net interest margin remained under pressure from declining benchmark rates, partially offset by healthy loan growth of 3%. Net fee income moderated 7% from a record first half, while other non-interest income declined 20% on lower contributions from trading and investment activities.

Total expenses remained flat at $3.1 billion reflecting continued cost discipline. Total allowance increased due to preemptive provisioning and higher specific allowance on a few non-systemic corporate accounts.

Asset Quality

The Group's performing loans coverage was stable at 1.0% as of 31 December 2025. Non-performing loan (NPL) ratio stood at 1.5%, with non-performing assets (NPA) coverage adequate at 97% or 254% after taking collateral into account.

Capital, Funding and Liquidity Positions

The Group's capital, funding and liquidity positions remained strong. As at 31 December 2025, Common Equity Tier 1 Capital Adequacy Ratio was healthy at 15.1%. 2H25's average All-currency Liquidity Coverage Ratio at 145% and Net Stable Funding Ratio at 116%, were all well above regulatory requirements.

Net Interest Income
Net interest margin		2025			2024
	Average		Average	Average		Average
	balance	Interest	rate	balance	Interest	rate
	$m	$m	%	$m	$m	%
Interest bearing assets
Customer loans	336,945	15,064	4.47	320,955	17,055	5.31
Interbank balances	54,479	1,933	3.55	66,681	2,890	4.33
Securities	103,088	3,679	3.57	89,099	3,314	3.72
Total	494,512	20,676	4.18	476,735	23,259	4.88
Interest bearing liabilities
Customer deposits	407,057	9,093	2.23	389,372	10,944	2.81
Interbank balances/others	59,647	2,228	3.74	58,175	2,641	4.54
Total	466,703	11,321	2.43	447,547	13,585	3.04
Net interest margin 1			1.89			2.03

		2H25			2H24			1H25
	Average		Average	Average		Average	Average		Average
	balance	Interest	rate	balance	Interest	rate	balance	Interest	rate
	$m	$m	%	$m	$m	%	$m	$m	%
Interest bearing assets
Customer loans	341,366	7,236	4.20	325,815	8,590	5.24	332,452	7,828	4.75
Interbank balances	48,274	819	3.36	64,369	1,365	4.22	60,786	1,115	3.70
Securities	110,474	1,949	3.50	92,979	1,744	3.73	95,579	1,729	3.65
Total	500,115	10,004	3.97	483,164	11,699	4.82	488,817	10,672	4.40
Interest bearing liabilities
Customer deposits	412,813	4,285	2.06	391,927	5,374	2.73	401,205	4,807	2.42
Interbank balances/others	61,023	1,108	3.60	61,885	1,414	4.54	58,248	1,120	3.88
Total	473,836	5,394	2.26	453,812	6,787	2.98	459,453	5,927	2.60
Net interest margin 1			1.83			2.02			1.96

Note:

Net interest margin represents annualised net interest income as a percentage of total interest-bearing assets.

Net Interest Income (cont'd)

Volume and rate analysis

2025 vs 2024

	Volume change	Rate change	Net change
Interest income	$m	$m	$m
Customer loans	852	(2,799)	(1,947)
Interbank balances	(528)	(425)	(953)
Securities	473	(97)	376
Total	797	(3,321)	(2,524)
Interest expense Customer deposits	499	(2,323)	(1,824)
Interbank balances/others	79	(485)	(407)
Total	578	(2,809)	(2,231)
Change in number of days	-	-	(26)
Net interest income	219	(512)	(319)

2H25 vs 2H24				2H25 vs 1H25
	Volume	Rate	Net	Volume	Rate	Net
	change	change	change	change	change	change
Interest income	$m	$m	$m	$m	$m	$m
Customer loans	411	(1,764)	(1,353)	210	(920)	(710)
Interbank balances	(343)	(205)	(547)	(229)	(81)	(309)
Securities	302	(96)	206	252	(64)	188
Total	371	(2,065)	(1,694)	233	(1,064)	(831)
Interest expense Customer deposits	287	(1,375)	(1,088)	139	(731)	(592)
Interbank balances/others	(19)	(286)	(305)	50	(80)	(30)
Total	268	(1,661)	(1,393)	189	(811)	(622)
Change in number of days	-	-	-	-	-	75
Net interest income	103	(404)	(301)	44	(253)	(134)

Compared to a year ago, net interest income for 2025 fell 3% year on year to $9.4 billion as net interest margin narrowed 14 basis points to 1.89% on the back of lower benchmark rates, offset by loan growth of 4%.

Net interest income for 2H25 eased 6% to $4.6 billion against second half last year, primarily from a lower net interest margin due to lower benchmark rates and competitive pricing, offset by year-on-year loan growth.

Against 1H25, net interest income dipped 3% as net interest margin remained under pressure from declining benchmark rates.

Non-Interest Income
	2025	2024	+/(-)	2H25	2H24	+/(-)	1H25	+/(-)
	$m	$m	%	$m	$m	%	$m	%
Net fee and commission income
Credit card 1	1,183	1,107	7	618	580	6	565	9
Fund management	224	212	6	123	106	15	102	20
Wealth management	822	698	18	421	361	17	401	5
Loan-related 2	774	684	13	343	317	8	430	(20)
Trade-related 3	317	305	4	161	159	2	156	4
Service charges and others	144	150	(4)	73	73	(0)	71	4
	3,464	3,156	10	1,739	1,596	9	1,724	1
Less: Fee and commission expenses	895	761	18	500	399	25	395	27
	2,569	2,395	7	1,239	1,197	3	1,330	(7)
Other non-interest income
Net trading income	1,367	1,689	(19)	636	887	(28)	731	(13)
Net gain/(loss) from investment	207	314	(34)	59	189	(69)	149	(61)
Rental income	98	101	(3)	49	49	(1)	49	(1)
Other income	212	121	76	94	61	53	118	(21)
	1,884	2,225	(15)	837	1,187	(29)	1,047	(20)
Total	4,453	4,620	(4)	2,076	2,384	(13)	2,377	(13)

2025 net fee income rose 7% to a new record of $2.6 billion, as wealth management and loan-related fees reached new heights amid favourable market conditions and rising consumer confidence. Other non-interest income came in at $1.9 billion, 15% lower than a year ago as trading income and liquidity management activities normalised following last year's exceptional performance. Customer-related treasury income however registered an all-time high fuelled by strong hedging and investment demand.

Against the same period last year, 2H25 net fee income increased 3% to $1.2 billion, marking the second highest level on record, supported by wealth and loan-related activities. Other non-interest income declined to $837 million as trading and investment income normalised from last year's exceptional levels, while customer-related treasury income maintained its strong momentum and reached a new high.

Compared with the first half of 2025, 2H25 net fee income moderated 7% from the record levels achieved then. Other non-interest income declined 20% on lower contributions from trading and investment activities.

Notes:

Credit card fees are net of interchange fees paid.
Loan-related fees include fees earned from corporate finance activities.
Trade-related fees include trade, remittance and guarantees related fees.

Operating Expenses
	2025	2024	+/(-)	2H25	2H24	+/(-)	1H25	+/(-)
	$m	$m	%	$m	$m	%	$m	%
Staff costs	3,413	3,699	(8)	1,589	1,898	(16)	1,825	(13)
Other operating expenses Revenue-related	893	906	(1)	472	442	7	421	12
IT-related	1,136	1,057	7	624	529	18	512	22
Occupancy-related	393	386	2	204	202	1	189	8
Others	322	262	23	174	134	30	148	17
	2,744	2,611	5	1,474	1,307	13	1,270	16
Total	6,157	6,310	(2)	3,062	3,205	(4)	3,095	(1)
Of which, Depreciation of assets	748	647	16	392	336	17	356	10
Employees (number)	31,224	32,071	(3)	31,224	32,071	(3)	31,921	(2)

2025 total expenses edged down 2% year on year, with cost-to-income ratio at 44.6%, supported by active cost discipline alongside targeted strategic investments.

Total operating expenses for 2H25 decreased 4% and 1% against 2H24 and 1H25 respectively reflecting continued cost discipline.

Allowance for Credit and Other Losses
2025		2024	+/(-)	2H25	2H24	+/(-)	1H25	+/(-)
$m		$m	%	$m	$m	%	$m	%
General allowance 1 856		(148)	>100	743	(224)	>100	113	>100
Specific allowance 2
Specific allowance on loans 3 1,139		1,063	7	710	735	(3)	429	65
Singapore 152		14	>100	124	45	>100	28	>100
Malaysia 32		73	(56)	1	30	(98)	31	(98)
Thailand 339		462	(27)	188	274	(31)	150	25
Indonesia 59		39	51	19	15	27	41	(55)
Greater China 4 353		202	75	274	127	>100	78	>100
Others 204		273	(25)	105	245	(57)	101	3
Specific allowance on securities and others	47	11	>100	21	19	10	27	(21)
Total	2,042	926	>100	1,474	531	>100	569	>100

Total allowance for 2025 rose to $2.0 billion reflecting pre-emptive provisioning to further reinforce the Group's balance sheet strength.

Compared with the second half of last year, 2H25 total allowances increased to $1.5 billion, largely from the preemptive general allowance set aside in 2H25.

Against 1H25, total allowance for 2H25 increased due to pre-emptive general allowance and higher specific allowance set aside in 2H25.

Notes:

General allowance refers to Expected Credit Loss Stage 1 and Stage 2 under SFRS(I) 9.
Specific allowance refers to Expected Credit Loss Stage 3 and Expected Credit Loss on purchased or originated credit-impaired financial assets under SFRS(I) 9.
Specific allowance on loans by geography are classified according to where credit risks reside, largely represented by the borrower's country of incorporation/operation for non-individuals and residence for individuals.
Comprise Mainland China, Hong Kong SAR and Taiwan.

Customer Loans
	Dec-25	Jun-25	Dec-24
	$m	$m	$m
Gross customer loans	352,180	342,900	337,831
Less: General allowance	2,997	2,336	2,265
Specific allowance	1,306	1,593	1,636
Net customer loans	347,877	338,971	333,930
By industry
Transport, storage and communication	20,847	17,574	16,065
Building and construction	90,815	91,421	91,713
Manufacturing	27,533	26,501	23,394
Financial institutions, investment and holding companies	38,996	36,476	39,768
General commerce	38,311	37,058	35,507
Professionals and private individuals	30,595	29,510	29,914
Housing loans	84,962	83,480	82,036
Others	20,121	20,880	19,434
Total (gross)	352,180	342,900	337,831
By currency
Singapore Dollar	153,560	150,289	146,557
US Dollar	65,995	58,956	59,994
Malaysian Ringgit	33,424	31,650	31,576
Thai Baht	26,153	25,087	25,327
Indonesian Rupiah	5,752	6,194	6,026
Others	67,296	70,724	68,351
Total (gross)	352,180	342,900	337,831
By maturity
Within 1 year	157,082	153,181	145,192
Over 1 year but within 3 years	60,903	58,733	64,624
Over 3 years but within 5 years	41,091	39,621	37,360
Over 5 years	93,104	91,365	90,655
Total (gross)	352,180	342,900	337,831
By geography 1 Singapore	176,830	170,048	164,255
Malaysia	36,074	34,006	33,651
Thailand	27,339	26,244	26,607
Indonesia	11,094	11,258	10,899
Greater China	45,326	48,084	52,177
Others	55,517	53,260	50,242
Total (gross)	352,180	342,900	337,831

As at 31 December 2025, gross loans recorded a healthy year-on-year growth of 4%, underpinned by a diversified franchise and strong market position.

Note:

Loans by geography are classified according to where credit risks reside, largely represented by the borrower's country of incorporation/operation for non-individuals and residence for individuals.

Non-Performing Assets
		Dec-25		Jun-25		Dec-24
		$m		$m		$m
Loans ("NPL")		5,379		5,341		5,164
Debt securities and others		61		45		46
Non-performing assets ("NPA")		5,440		5,386		5,210
By grading
Substandard		4,102		3,692		3,585
Doubtful		624		913		606
Loss		714		781		1,019
Total		5,440		5,386		5,210
By security
Secured by collateral type:
Properties		3,302		3,065		2,712
Shares and debentures		24		9		9
Fixed deposits		5		7		5
Others		32		23		34
		3,363		3,104		2,760
Unsecured		2,077		2,282		2,450
Total		5,440		5,386		5,210
By ageing
Current		845		579		673
Within 90 days		592		614		574
Over 90 to 180 days		1,138		846		548
Over 180 days		2,865		3,347		3,415
Total		5,440		5,386		5,210
Total allowance
General		3,557		2,776		2,733
Specific		1,332		1,610		1,652
Total		4,889		4,386		4,385
	NPL	NPL ratio	NPL	NPL ratio	NPL	NPL ratio
$m		%	$m	%	$m	%
NPL by industry
Transport, storage and communication	107	0.5	140	0.8	149	0.9
Building and construction	2,150	2.4	2,083	2.3	1,777	1.9
Manufacturing	624	2.3	511	1.9	531	2.3
Financial institutions, investment and holding companies	260	0.7	194	0.5	230	0.6
General commerce	652	1.7	788	2.1	743	2.1
Professionals and private individuals	393	1.3	374	1.3	445	1.5
Housing loans	988	1.2	968	1.2	922	1.1
Others	205	1.0	283	1.4	367	1.9
Total	5,379	1.5	5,341	1.6	5,164	1.5

Non-Performing Assets (cont'd)

Specific

Specific allowance as a %

NPL by geography 1 NPL/NPA NPL ratio allowance of NPL/NPA

Singapore	$m	%	$m	%
Dec-25	890	0.5	416	47
Jun-25	878	0.5	320	36
Dec-24	1,019	0.6	349	34
Malaysia Dec-25	880	2.4	193	22
Jun-25	1,005	3.0	330	33
Dec-24	997	3.0	330	33
Thailand Dec-25	963	3.5	375	39
Jun-25	971	3.7	390	40
Dec-24	956	3.6	409	43
Indonesia Dec-25	360	3.2	120	33
Jun-25	370	3.3	125	34
Dec-24	415	3.8	119	29
Greater China Dec-25	1,481	3.3	67	5
Jun-25	1,314	2.7	99	8
Dec-24	1,084	2.1	59	5
Others Dec-25	805	1.5	135	17
Jun-25	803	1.5	329	41
Dec-24	693 1.4 370 53
Group NPL
Dec-25	5,379	1.5	1,306	24
Jun-25	5,341	1.6	1,593	30
Dec-24	5,164	1.5	1,636	32
Group NPA Dec-25	5,440		1,332	25
Jun-25	5,386		1,610	30
Dec-24	5,210 1,652 32
Total allowance
	NPA2		as a % of unsecured NPA2
Group	%		%
Dec-25	97		254
Jun-25	88		209
Dec-24	91 194

The Group's performing loans coverage was stable at 1.0%. Non-performing loan (NPL) ratio stood at 1.5%, with NPA coverage adequate at 97% or 254% after taking collateral into account.

Notes:

NPL by geography are classified according to where credit risks reside, largely represented by the borrower's country of incorporation/operation for non-individuals and residence for individuals.
Includes regulatory loss allowance reserves ("RLAR") as part of total allowance.

Customer Deposits
	Dec-25	Jun-25	Dec-24
	$m	$m	$m
By product
Fixed deposits	162,752	159,966	166,807
Savings deposits	132,668	125,299	118,033
Current accounts	115,952	103,518	102,611
Others	14,566	16,293	16,527
Total	425,938	405,076	403,978
By maturity
Within 1 year	423,890	402,364	401,039
Over 1 year but within 3 years	1,596	2,154	2,382
Over 3 years but within 5 years	152	142	148
Over 5 years	300	416	409
Total	425,938	405,076	403,978
By currency
Singapore Dollar	196,194	184,487	182,509
US Dollar	110,767	105,074	104,710
Malaysian Ringgit	35,371	33,413	32,680
Thai Baht	29,420	27,082	28,205
Indonesian Rupiah	6,732	6,662	6,765
Others	47,454	48,358	49,109
Total	425,938	405,076	403,978
Group Loan/Deposit ratio (%)	81.7	83.7	82.7
Singapore Dollar Loan/Deposit ratio (%)	77.7	80.9	79.7
US Dollar Loan/Deposit ratio (%)	59.0	55.5	56.7

Customer deposits grew 5% year on year and from 30 June 2025 to $426 billion as at 31 December 2025, supported by a healthy CASA ratio of 58.4%.

The Group's loan-to-deposit ratio and Singapore Dollar loan-to-deposit ratio remained healthy at 81.7% and 77.7% respectively.

Performance by Business Segment 1
Selected income statement items	GR	GWB	GM	Others	Total
	$m	$m	$m	$m	$m
2025
Net interest income	3,344	4,482	616	913	9,355
Non-interest income	1,756	1,763	448	486	4,453
Operating income	5,100	6,245	1,064	1,399	13,808
Operating expenses	(2,789)	(1,661)	(275)	(1,432)	(6,157)
Amortisation of intangible assets	(29)	-	-	(2)	(31)
(Allowance for)/Write-back of credit and other losses	(307)	(1,128)	(34)	(573)	(2,042)
Share of profit/(loss) of associates and joint ventures	(0)	(17)	-	96	79
Profit/(Loss) before tax	1,975	3,439	755	(512)	5,657
Tax					(962)
Profit for the financial year					4,695
Other information:
Additions to fixed assets	18	47	1	1,322	1,388
Depreciation of assets	69	52	10	617	748
2024
Net interest income	3,841	5,130	(330)	1,033	9,674
Non-interest income	1,650	1,596	1,034	340	4,620
Operating income	5,491	6,726	704	1,373	14,294
Operating expenses	(2,949)	(1,731)	(264)	(1,366)	(6,310)
Amortisation of intangible assets	(28)	-	-	-	(28)
(Allowance for)/Write-back of credit and other losses	(439)	(615)	(14)	142	(926)
Share of profit/(loss) of associates and joint ventures	(1)	4	-	118	121
Profit/(Loss) before tax	2,074	4,384	426	267	7,151
Tax					(1,092)
Profit for the financial year					6,059
Other information:
Additions to fixed assets	31	44	1	970	1,046
Depreciation of assets	63	49	11	524	647

Note:

Comparative segment information for prior periods has been adjusted for changes in organisational structure and accounting disclosure, if any.

Performance by Business Segment 1 (cont'd)
Selected income statement items	GR	GWB	GM	Others	Total
	$m	$m	$m	$m	$m
2H25
Net interest income	1,630	2,147	473	361	4,611
Non-interest income	878	844	60	294	2,076
Operating income	2,508	2,991	533	655	6,687
Operating expenses	(1,422)	(787)	(138)	(715)	(3,062)
Amortisation of intangible assets	(14)	-	-	0	(14)
(Allowance for)/Write-back of credit and other losses	(180)	(961)	(31)	(302)	(1,474)
Share of profit/(loss) of associates and joint ventures	-	3	-	57	60
Profit/(Loss) before tax	891	1,247	364	(306)	2,196
Tax					(335)
Profit for the financial period					1,862
Other information:
Additions to fixed assets	8	30	1	566	605
Depreciation of assets	34	27	5	326	392
2H24
Net interest income	1,942	2,521	(83)	531	4,911
Non-interest income	854	790	517	223	2,384
Operating income	2,796	3,311	434	754	7,295
Operating expenses	(1,462)	(896)	(139)	(708)	(3,205)
Amortisation of intangible assets	(15)	-	-	0	(15)
(Allowance for)/Write-back of credit and other losses	(224)	(523)	(7)	223	(531)
Share of profit/(loss) of associates and joint ventures	(0)	7	-	58	65
Profit/(Loss) before tax	1,095	1,899	288	327	3,609
Tax					(469)
Profit for the financial period					3,140
Other information:
Additions to fixed assets	16	23	1	558	598
Depreciation of assets	32	25	6	273	336
1H25
Net interest income	1,714	2,335	143	553	4,745
Non-interest income	878	919	388	192	2,377
Operating income	2,592	3,254	530	745	7,121
Operating expenses	(1,367)	(874)	(137)	(717)	(3,095)
Amortisation of intangible assets	(14)	-	-	(2)	(16)
(Allowance for)/Write-back of credit and other losses	(127)	(167)	(2)	(273)	(569)
Share of profit/(loss) of associates and joint ventures	(0)	(21)	-	40	19
Profit/(Loss) before tax	1,084	2,192	391	(207)	3,460
Tax					(627)
Profit for the financial period					2,833
Other information:
Additions to fixed assets	9	18	1	755	783
Depreciation of assets	35	26	5	290	356
Note:

Comparative segment information for prior periods has been adjusted for changes in organisational structure and accounting disclosure, if any.

Performance by Business Segment 1 (cont'd)
Selected balance sheet items	GR	GWB	GM	Others	Total
	$m	$m	$m	$m	$m
At 31 December 2025
Segment assets	118,422	257,945	184,527	4,962	565,856
Intangible assets	1,997	2,216	656	84	4,953
Investment in associates and joint ventures	-	168	-	1,084	1,252
Total assets	120,419	260,329	185,183	6,130	572,061
Segment liabilities	211,746	222,045	63,526	23,251	520,568
Other information:
Gross customer loans	118,055	233,510	614	1	352,180
Non-performing assets	1,335	3,910	-	195	5,440
At 30 June 2025
Segment assets	115,487	246,733	166,034	3,408	531,662
Intangible assets	1,983	2,216	656	85	4,940
Investment in associates and joint ventures	-	163	-	1,073	1,236
Total assets	117,470	249,112	166,690	4,566	537,838
Segment liabilities	206,547	204,001	58,161	18,556	487,265
Other information:
Gross customer loans	115,134	226,702	1,064	0	342,900
Non-performing assets	1,298	3,887	-	201	5,386
At 31 December 2024
Segment assets	114,471	246,486	167,768	2,658	531,383
Intangible assets	2,014	2,221	657	87	4,979
Investment in associates and joint ventures	0	182	-	1,120	1,302
Total assets	116,485	248,889	168,425	3,865	537,664
Segment liabilities	202,346	208,231	59,762	17,368	487,707
Other information:
Gross customer loans	114,060	222,492	1,239	40	337,831
Non-performing assets	1,323	3,614	-	273	5,210

Note:

Comparative segment information for prior periods has been adjusted for changes in organisational structure and accounting disclosure, if any.

Performance by Business Segment (cont'd)

Business segment performance reporting is prepared based on the Group's organisation structure. Business segments' results include all applicable revenue, expenses, internal fund transfer price and cost allocations associated with the activities of the business. Transactions between business segments are on an arm's length basis in a manner similar to third party transactions and they are eliminated on consolidation.

The Banking Group is organised into three major business segments - Group Retail, Group Wholesale Banking and Global Markets. Others include non-banking activities and corporate functions.

Group Retail ("GR")

GR segment covers individual customers.

Customers have access to a diverse range of products and services, including deposits, insurance, card, wealth management, investment and loan products which are available across the Group's global branch network.

In 2025, profit before tax declined 5% year on year to $2.0 billion due mainly to lower income. This was offset by relief of one-off expenses and operational merger frictions arising from Citi's integration in Thailand last year, resulting in lower expenses and allowance. Total income eased 7% to $5.1 billion, reflecting the backdrop of falling interest rates and intense competition across key markets. Despite these headwinds, the underlying franchise delivered growth, achieving a double-digit trajectory in wealth management income and CASA balances, supported by strong customer value propositions.

Compared to 2H24 and 1H25, 2H25 profit before tax fell 19% and 18% respectively to $0.9 billion, driven by tighter margin. The half-on-half decline was further impacted by higher allowance and year-end increase in costs.

Group Wholesale Banking ("GWB")

GWB encompasses corporate and institutional client segments which include small, medium and large enterprises, local and multi-national corporations, financial institutions, government-linked entities, financial sponsors and property funds.

GWB provides customers with a broad range of products and services, including loans, trade services, cash management, capital markets solutions and advisory and treasury products.

2025 profit before tax decreased 22% year on year to $3.4 billion on total income of $6.2 billion. Total income reduced 7% amid lower interest rates and keen competition for quality clients across the banking industry. This was partially cushioned by record-high investment banking fees, double-digit growth in CASA and trade assets backed by pan-regional transaction banking platforms, and healthy treasury customer flows. Operating expenses eased 4% to $1.7 billion, broadly in line with income trends. Allowance was higher at $1.1 billion due to an increase in allowance set aside for selected markets and sector.

Profit before tax in 2H25 decreased 34% against a year ago and 43% compared with 1H25, to $1.2 billion. The drop was chiefly attributable to higher credit costs and margin pressure, partly buttressed by lower expenses and volume growth.

Global Markets ("GM")

GM provides a comprehensive suite of treasury products and services across multi-asset classes which includes foreign exchange, interest rate, credit, commodities, equities and structured investment products to help customers manage market risks and volatility. GM also engages in market making activities and management of funding and liquidity.

Income from products and services offered to customers of Group Retail and Group Wholesale Banking are reflected in the respective client segments.

Against 2024, profit before tax nearly doubled to $755 million in 2025. Total income soared 51% to $1.1 billion, led by lower funding costs, alongside growth in activities across foreign exchange and equities. Operating expenses increased by 4% to $275 million in tandem with income performance.

Compared with 2H24, profit before tax rose 26% to $364 million, fuelled by trading opportunities amid market volatility and improved cost of funds.

Performance by Business Segment (cont'd)

Others

Others include corporate support functions, decisions not attributable to business segments mentioned above and other activities, which comprises property, insurance and investment management.

Others reported a loss before tax of $512 million, as pre-emptive general allowance was set aside to fortify reserve buffers against ongoing macroeconomic uncertainties.

Compared with 2H24 and 1H25, the half-on-half swing in profit was attributable to lower income.

Performance by Geographical Segment 1

Singapore Malaysia Thailand Indonesia

Greater

China Others Total

$m $m $m				$m	$m	$m	$m
2025
Net interest income	5,085	1,021	1,052	456	691	1,050	9,355
Non-interest income	2,464	635	418	183	464	289	4,453
Operating income	7,549	1,656	1,470	639	1,155	1,339	13,808
Operating expenses	(3,209)	(811)	(907)	(448)	(452)	(330)	(6,157)
Amortisation of intangible assets	(2)	(4)	(19)	(3)	-	(3)	(31)
(Allowance for)/Write-back of credit and other losses	(277)	16	(405)	(15)	(772)	(589)	(2,042)
Share of profit/(loss) of associates and joint ventures	91	-	-	-	(14)	2	79
Profit before tax	4,152	857	139	173	(83)	419	5,657
Total assets before intangible assets	345,466	53,200	37,411	12,857	60,750	57,424	567,108
Intangible assets	3,180	139	1,316	297	-	21	4,953
Total assets	348,646	53,339	38,727	13,154	60,750	57,445	572,061

2024
Net interest income	5,388	931	1,093	473	672	1,117	9,674
Non-interest income	2,671	580	385	156	558	270	4,620
Operating income	8,059	1,511	1,478	629	1,230	1,387	14,294
Operating expenses	(3,268)	(770)	(1,002)	(521)	(456)	(293)	(6,310)
Amortisation of intangible assets	-	(4)	(18)	(3)	-	(3)	(28)
(Allowance for)/Write-back of credit and other losses	175	(31)	(404)	(55)	(290)	(321)	(926)
Share of profit/(loss) of associates and joint ventures	123	-	-	-	(0)	(2)	121
Profit before tax	5,089	706	54	50	484	768	7,151
Total assets before intangible assets	314,970	48,083	36,412	12,822	65,435	54,963	532,685
Intangible assets	3,182	138	1,318	315	-	26	4,979
Total assets	318,152	48,221	37,730	13,137	65,435	54,989	537,664

Note:

Based on the location where the transactions and assets are booked. The information is stated after elimination of inter-segment transactions.

Performance by Geographical Segment	1(cont'd)
	Singapore	Malaysia	Thailand	Indonesia	Greater China	Others	Total
	$m	$m	$m	$m	$m	$m	$m
2H25
Net interest income	2,476	518	534	227	323	533	4,611
Non-interest income	1,086	330	206	91	208	155	2,076
Operating income	3,562	848	740	318	531	688	6,687
Operating expenses	(1,589)	(419)	(453)	(218)	(221)	(162)	(3,062)
Amortisation of intangible assets	0	(2)	(10)	(1)	-	(1)	(14)
(Allowance for)/Write-back of credit and other losses	(255)	(21)	(245)	(29)	(472)	(452)	(1,474)
Share of profit/(loss) of associates and joint ventures	72	-	-	-	(12)	-	60
Profit before tax	1,790	406	32	70	(174)	73	2,196
Total assets before intangible assets	345,466	53,200	37,411	12,857	60,750	57,424	567,108
Intangible assets	3,180	139	1,316	297	-	21	4,953
Total assets	348,646	53,339	38,727	13,154	60,750	57,445	572,061
2H24
Net interest income	2,720	494	550	237	349	561	4,911
Non-interest income	1,394	299	211	79	233	168	2,384
Operating income	4,114	793	761	316	582	729	7,295
Operating expenses	(1,646)	(400)	(504)	(271)	(232)	(152)	(3,205)
Amortisation of intangible assets	-	(2)	(9)	(2)	-	(2)	(15)
(Allowance for)/Write-back of credit and other losses	245	(57)	(212)	(26)	(195)	(286)	(531)
Share of profit/(loss) of associates and joint ventures	64	-	-	-	(1)	2	65
Profit before tax	2,777	334	36	17	154	291	3,609
Total assets before intangible assets	314,970	48,083	36,412	12,822	65,435	54,963	532,685
Intangible assets	3,182	138	1,318	315	-	26	4,979
Total assets	318,152	48,221	37,730	13,137	65,435	54,989	537,664
1H25
Net interest income	2,609	503	517	229	368	519	4,745
Non-interest income	1,378	305	212	92	256	134	2,377
Operating income	3,987	808	729	321	624	652	7,121
Operating expenses	(1,620)	(392)	(454)	(230)	(231)	(168)	(3,095)
Amortisation of intangible assets	(2)	(2)	(10)	(1)	-	(1)	(16)
(Allowance for)/Write-back of credit and other losses	(22)	37	(160)	13	(300)	(137)	(569)
Share of profit/(loss) of associates and joint ventures	20	-	-	-	(1)	-	19
Profit before tax	2,363	451	105	103	92	346	3,460
Total assets before intangible assets	312,971	48,760	34,986	12,730	62,576	60,875	532,898
Intangible assets	3,180	135	1,301	301	-	23	4,940
Total assets	316,151	48,895	36,287	13,031	62,576	60,898	537,838
Note:

Based on the location where the transactions and assets are booked. The information is stated after elimination of inter-segment transactions.

Performance by Geographical Segment (cont'd)

Geographical segment performance reporting is prepared based on the location where the transactions or assets are booked. The information is stated after elimination of inter-segment transactions.

Singapore

Profit before tax was $4.2 billion in 2025, reflecting a decline from last year amid thinner rates and higher credit costs, though healthy loan demand and robust fee income performance reaffirmed the franchise strength in Singapore. Net interest income eased 6% year on year to $5.1 billion due to lower benchmark rates and competitive pricing, partially cushioned by active balance sheet management and quality asset growth. Non-interest income fell 8% to $2.5 billion as lower trading and investment gains masked record loan fees and double-digit expansion in wealth management income. Operating expenses edged down 2% to $3.2 billion, backed by disciplined cost management. Total allowance rose to $277 million as general allowance was strengthened in response to macroeconomic uncertainties, even as portfolio quality remained resilient in the home market.

Compared with 2H24 and 1H25, profit before tax in 2H25 fell 36% and 24% respectively to $1.8 billion, weighed down by softer trading and investment income, margin compression and higher allowance, albeit somewhat offset by lower expenses.

Malaysia

2025 profit before tax registered a 21% year-on-year rise to a record $857 million, propped up by strong momentum in key franchise drivers, sound asset quality and favourable currency movement. Total income expanded 10% to a new high of $1.7 billion, powered by client activities across lending, treasury and wealth management, alongside thicker margin. Operating expenses rose by a modest 5% to $811 million, underscoring a balanced approach towards cost control while investing in capabilities for sustainable growth.

Profit before tax soared 22% year on year to $406 million in 2H25, as growth in assets, fees and healthy treasury flows lifted the income base, coupled with lower allowance. Half on half, profit before tax declined 10% owing to movement in total allowance, while operating profit climbed by 3%.

Thailand

Profit before tax rebounded markedly year on year to $139 million in 2025 as the weight of one-off expenses and operational merger issues arising from Citi's retail integration last year has fully tapered off. Total income only dipped 1% to $1.5 billion despite tighter margin amid a falling rates backdrop, supported by stronger proprietary trading and treasury flows, along with improved wealth and fund management fees.

2H25 profit before tax declined 12% against a year ago to $32 million, as higher credit costs and margin pressure outweighed lower expenses and volume growth. Compared with 1H25, profit before tax fell 70%, primarily due to higher allowance, partly offset by stronger net interest income.

Indonesia

Profit before tax grew sharply to $173 million in 2025, fuelled by lower credit allowance and one-off costs related to Citi's retail integration rolling off. Total income increased 2% to $639 million, or 8% in constant-currency terms, led by healthy loan growth and stronger trading income, partly tempered by a margin squeeze.

Profit before tax for 2H25 surged year on year to $70 million, benefitting from lower operating costs and resilient fee income, despite continued margin pressure. Profit before tax fell by 32% half on half due to movement in allowance, while operating profit ascended by 10%.

Greater China

2025 booked loss before tax of $83 million, primarily driven by higher credit allowance in the face of macro and sector-specific headwinds. Total income moderated 6% year on year to $1.2 billion due to softer performance in proprietary trading, investment, loan and wealth, partially cushioned by higher net interest income.

Loss before tax in 2H25 reflected the abovementioned pickup in allowance, contrasting profit before tax in prior periods. In addition, second half total income fell 9% year on year and 15% half on half to $531 million, stemming from weaker trading gains alongside margin compression.

Performance by Geographical Segment (cont'd)

Others

Profit before tax in 2025 fell 45% year on year to $419 million, impacted by higher allowance on account of credit and collateral deterioration in selected markets. Total income eased 3% against last year to $1.3 billion due to lower benchmark rates, alleviated by stronger trading and investment gains. Excluding residual Citi integration costs in Vietnam, operating expenses were lower year on year, shaped by continued cost discipline.

Profit before tax for 2H25 reduced by 75% year on year to $73 million, reflecting higher credit costs alongside margin pressure and softer trading and investment income. Against 1H25, the decline in profit before tax was also weighed down by higher allowance, partly cushioned by stronger loan volume and fee income.

Capital Adequacy and Leverage Ratios 1,2,3
	Dec-25	Jun-25	Dec-24
	$m	$m	$m
Share capital	4,852	4,887	4,961
Disclosed reserves/others	42,991	42,079	41,396
Regulatory adjustments	(6,127)	(6,325)	(6,082)
Common Equity Tier 1 Capital ("CET1")	41,716	40,641	40,275
Perpetual capital securities/others	2,751	2,751	2,750
Additional Tier 1 Capital ("AT1")	2,751	2,751	2,750
Tier 1 Capital	44,467	43,392	43,025
Subordinated notes	3,090	3,016	3,152
Provisions/others	1,290	1,213	1,208
Tier 2 Capital	4,380	4,229	4,360
Eligible Total Capital	48,847	47,621	47,385
Risk-Weighted Assets ("RWA")	275,990	265,875	259,835
Capital Adequacy Ratios ("CAR")
CET1	15.1%	15.3%	15.5%
Tier 1	16.1%	16.3%	16.6%
Total	17.7%	17.9%	18.2%
Leverage Exposure	660,661	611,022	619,407
Leverage Ratio	6.7%	7.1%	6.9%

The Group's CET1, Tier 1 and Total CAR as at 31 December 2025 remained well above the regulatory minimum requirements.

The higher total capital compared with 31 December 2024 and 30 June 2025 was largely contributed by earnings and increase in reserves, partially offset by distributions.

RWA increased compared with 30 June 2025 and 31 December 2024 primarily from asset growth and changes in asset quality for Credit RWA, as well as higher trading volume mainly driven by customer flow and franchise business for Market RWA. In addition, compared with 31 December 2024, Market RWA increased due to implementation of the Fundamental Review of the Trading Book (FRTB), effective 1 January 2025.

As at 31 December 2025, the Group's leverage ratio of 6.7% was comfortably above the regulatory minimum requirement of 3%.

Notes:

Singapore-incorporated banks are required to maintain minimum CAR as follows: CET1 at 6.5%, Tier 1 at 8% and Total at 10%. In addition, the Group is required to maintain CET1 capital to meet the capital conservation buffer of 2.5% and the countercyclical capital buffer ("CCyB") of up to 2.5%. The Group's CCyB is computed as the weighted average of effective CCyB in jurisdictions to which the Group has private sector exposures.
Leverage ratio is calculated based on MAS Notice 637 which requires a minimum ratio of 3%.
Disclosures required under MAS Notice 637 are published on our website: https://www.UOBgroup.com/investor-relations/financial/index.html.

The Group

1				1
	2025	2024	2H25	2H24
	$m	$m	$m	$m
Interest income	20,676	23,259	10,004	11,699
Less: Interest expense	11,321	13,585	5,394	6,787
Net interest income	9,355	9,674	4,611	4,911
Net fee and commission income	2,569	2,395	1,239	1,197
Net trading income	1,367	1,689	636	887
Net gain/(loss) from investment securities	207	314	59	189
Rental income	98	101	49	49
Other income	212	121	94	61
Non-interest income	4,453	4,620	2,076	2,384
Total operating income	13,808	14,294	6,687	7,295
Less: Staff costs	3,413	3,699	1,589	1,898
Other operating expenses	2,744	2,611	1,474	1,307
Total operating expenses	6,157	6,310	3,062	3,205
Operating profit before allowance and amortisation	7,651	7,984	3,625	4,090
Less: Amortisation of intangible assets	31	28	14	15
Allowance for credit and other losses	2,042	926	1,474	531
Operating profit after allowance and amortisation	5,578	7,030	2,136	3,544
Share of profit of associates and joint ventures	79	121	60	65
Profit before tax	5,657	7,151	2,196	3,609
Less: Tax	962	1,092	335	469
Profit for the financial period	4,695	6,059	1,862	3,140
Attributable to:
Equity holders of the Bank	4,682	6,045	1,853	3,133
Non-controlling interests	13	14	8	7
	4,695	6,059	1,862	3,140
Earnings per share ($) 2,3 Basic	2.76	3.56	2.18	3.69
Diluted	2.75	3.54	2.17	3.67

Notes:

Unaudited.
Computed on an annualised basis.
Calculated based on profit attributable to equity holders of the Bank net of perpetual capital securities distributions.

		The Group
	2025	2024	2H25 1	2H24 1
	$m	$m	$m	$m
Profit for the financial period	4,695	6,059	1,862	3,140

Other comprehensive income that will not be reclassified to income statement Net gain/(loss) on equity instruments at
fair value through other comprehensive income 320		23	239	68
Fair value changes on financial liabilities designated at
fair value due to the Bank's own credit risk (11)		5	(27)	4
Remeasurement of defined benefit obligation (5)		(6)	(5)	(6)
Related tax on items at fair value through other
comprehensive income (7)		1	(5)	(3)
297		23	202	63
Other comprehensive income that may be subsequently reclassified to income statement
Currency translation adjustments	4	264	349	446
Net gain/(loss) on debt instruments classified at fair value through other comprehensive income and cash flow hedge:
Net valuation taken to equity	1,337	508	383	480
Transferred to income statement	(153)	(293)	(33)	(147)
Change in allowance for expected credit losses	23	1	16	(2)
Related tax	(84)	(32)	(37)	(34)
	1,127	448	678	743

Change in share of other comprehensive
income of associates and joint ventures	(12)	4	(10)	5
Other comprehensive income for the financial period, net of tax	1,412	475	870	811
Total comprehensive income for the financial period, net of tax	6,107	6,534	2,732	3,951
Attributable to:
Equity holders of the Bank	6,079	6,515	2,711	3,939
Non-controlling interests	28	19	21	12
	6,107	6,534	2,732	3,951

Note:

Unaudited.

The Group The Bank

Dec-25 Dec-24 Dec-25 Dec-24

Equity	$m	$m		$m	$m
Share capital and other capital	7,600	7,709		7,600	7,709
Retained earnings	35,060	34,834		26,487	26,561
Other reserves	8,588	7,190		9,765	8,528
Equity attributable to equity holders of the Bank	51,248	49,733		43,852	42,798
Non-controlling interests	245	224		-	-
Total equity	51,493	49,957	43,852 42,798
Liabilities Deposits and balances of banks	28,737	19,735	25,605		16,047
Deposits and balances of customers	425,938	403,978	331,526		314,153
Deposits and balances of subsidiaries	-	-	24,167		20,606
Bills and drafts payable	566	665	438		562
Derivative financial liabilities	11,532	12,514	9,701		10,178
Other liabilities	8,415	8,377	6,386		6,481
Tax payable	610	751	590		681
Deferred tax liabilities	347	320	297		303
Debts issued	44,423	41,367	42,701		39,316
Total liabilities	520,568	487,707		441,411 408,327
Total equity and liabilities	572,061	537,664		485,263 451,125

Assets
Cash, balances and placements with central banks	35,742	38,577	31,653	33,690
Singapore Government treasury bills and securities	17,625	13,281	17,605	13,260
Other government treasury bills and securities	45,070	33,570	25,484	17,790
Trading securities	5,556	3,792	3,712	2,377
Placements and balances with banks	32,954	37,432	26,731	29,698
Loans to customers	347,877	333,930	271,118	258,570
Placements with and advances to subsidiaries	-	-	25,340	22,637
Derivative financial assets	10,893	12,132	9,206	10,090
Investment securities	51,840	44,680	48,517	41,905
Other assets	12,138	8,480	9,976	5,855
Deferred tax assets	707	657	336	239
Investment in associates and joint ventures	1,252	1,302	283	301
Investment in subsidiaries	-	-	8,413	8,067
Investment properties	663	683	522	550
Fixed assets	4,791	4,169	3,185	2,914
Intangible assets	4,953	4,979	3,182	3,182
Total assets	572,061	537,664		485,263 451,125
Off-balance sheet items
Contingent liabilities	36,400	32,102	28,118	23,913
Financial derivatives	1,329,936	1,123,637	1,071,749	980,782
Commitments	252,379	233,291	188,033 178,022
Net asset value per ordinary share ($)	29.36	28.11	24.88 23.96

The Group

Attributable to equity holders of the Bank

	Share capital and other capital	Retained earnings	Other reserves	Total	Non- controlling interests	Total equity
	$m	$m	$m	$m	$m	$m
Balance at 1 January 2025	7,709	34,834	7,190	49,733	224	49,957
Profit for the financial year	-	4,682	-	4,682	13	4,695
Other comprehensive income for the
financial year	-	(11)	1,408	1,397	15	1,412
Total comprehensive income for the
financial year	-	4,671	1,408	6,079	28	6,107
Transfers	-	21	(21)	-	-	-
Change in non-controlling interests	-	-	-	-	1	1
Dividends	-	(3,875)	-	(3,875)	(8)	(3,883)
Shares re-purchased - cancelled	(59)	(591)	-	(650)	-	(650)
Shares re-purchased - held in treasury	(120)	-	-	(120)	-	(120)
Share-based compensation	-	-	90	90	-	90
Shares issued under share-based
compensation plan	70	-	(79)	(9)	-	(9)
Balance at 31 December 2025	7,600	35,060	8,588	51,248	245	51,493
Balance at 1 January 2024	7,752	31,800	6,674	46,226	242	46,468
Profit for the financial year	-	6,045	-	6,045	14	6,059
Other comprehensive income for the
financial year	-	(12)	482	470	5	475
Total comprehensive income for the
financial year	-	6,033	482	6,515	19	6,534
Transfers	-	(9)	9	-	-	-
Change in non-controlling interests	-	-	-	-	(30)	(30)
Dividends	-	(2,990)	-	(2,990)	(7)	(2,997)
Shares re-purchased - held in treasury	(102)	-	-	(102)	-	(102)
Share-based compensation	-	-	83	83	-	83
Shares issued under share-based
compensation plan	59	-	(58)	1	-	1
Balance at 31 December 2024	7,709	34,834	7,190	49,733	224	49,957

Note:

As at 31 December 2025, the revaluation surplus of $5.70 billion relating to the Group's properties was not recognised in the financial statements.

United

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