United Overseas Bank Limited announced consolidated financial results for the first quarter ended March 31, 2013. For the quarter, the company reported net interest income of $964 million against $998 million a year ago. Total operating income was $1,672 million against $1,629 million a year ago. Operating profit before charges was $976 million against $953 million a year ago. Return on average ordinary shareholders' equity was 11.6% against 12.1% a year ago. Return on average total assets was 1.12% against 1.18% a year ago. Profit before tax was $870 million against $865 million a year ago. Interest income was $1,552 million against $1,557 million a year ago. Profit attributable to equity holders of the bank was $722 million against $688 million a year ago. Net cash used in operating activities was $4,502 million against $5,966 million a year ago. Net cash flow on acquisition of properties and other fixed assets was $17 million against $44 million a year ago. Total impairment charges for the quarter were $130 million, 12.8% lower than fourth quarter of 2012. The decrease was attributed to lower individual impairment on loans as there was additional impairment on a specific account in fourth quarter of 2012.

United Overseas Bank Limited announced that Mr. Reggie Thein did not seek re-appointment to the Board at the Annual General Meeting held on 25 April 2013 as he wished to lessen his corporate commitments and spend more time with his family.

United Overseas Bank Limited (SGX:U11) (UOB) may look for acquisitions in Australia and Hong Kong, said Wee Cho Yaw, United Overseas Bank ‘s newly-installed Chairman emeritus. Speaking to reporters after the annual shareholders' meeting, he said, "UOB is still very small. We have to expand”. Organic growth is very slow though acquisitions and subsequent integration is difficult. Moreover, there are "very limited opportunities" in South-east Asia, he said. Ee Cheong, UOB’s Deputy Chairman and Chief Executive, said the bank will have double-digit organic growth in South-east Asia."Outside this region, if there are opportunities, we will look at them. We're always on the lookout," he said. Ee Cheong said UOB’s strategy in the region is to focus on cross border business. Hsieh Fu Hua, Non-Executive Chairman of UOB said "all Singapore banks are small compared to world standards though they are significant regional players".