Bangkok--20 Apr--United Overseas
United Overseas Bank (Thai) Public Company Limited (UOB Thai), a subsidiary of the United Overseas Bank of Singapore, today announced a net profit of THB 375 million for 1Q 2006.
The net profit of THB 375 million for 1Q 2006 was an improvement of 38.9% from the THB 270 million recorded in 1Q 2005. The improved result was due primarily to the inclusion of the UOB Radanasin Bank portfolio into UOB Thai following the completion of the merger on 28 November 2005.
UOB Thai’s THB 375 million net profit would have shown a 7.5% improvement over the THB 349 million combined net profit of UOB Radanasin Bank and UOB Thai (then Bank of Asia) in 1Q 2005
On a pro-forma basis, UOB Thai’s operating profit rose by 7.1% to THB 737 million largely due to a 1.3% increase in total income as well as from lower normal expenses and the absence of merger related expenses in 1Q 2006. Provisions for doubtful debts amounting to THB 360 million was set aside in 1Q 2006 compared to THB 277 million in the same quarter last year as the Bank continued its prudent provisioning policy.
As at 31 March 2006, the Bank’s total loan was THB 158.8 billion, a slight drop of 0.5% from end-2005. NPL to total loan ratio of 10.6% as at end-March 2006 was relatively unchanged from the 10.5% reported for end-2005. Total deposits grew 2.7% from end-2005 to THB 156.7 billion to 31 March 2006. The Bank’s Capital Adequacy Ratio remained strong at 16.62%.
Office of Corporate Affairs
United Overseas (Thai) Bank Public Company Limited
Jira Supachayanont, Boonchai Asava-arunotai, Pornsin Chinoresyothin
Tel: 0 2343-4963 to 64 Fax: 0 2285-1372