- OCBC (SGX:O39)'s 2Q23 net profit in line with expectations as higher revenues also saw higher operating expenses and provisions -
- OCBC reported 2Q23 revenue of S$3.5bn (+30% y-o-y/+12% q-o-q), ahead of estimates, while the net profit of S$1.7bn (+33% y-o-y/-9% q-o-q) was in line with estimates.
- - Read this at SGinvestors.io -
- Capital ratios remained strong, with CET1 and total CAR at 15.4% (1Q23: 15.9%) and 17.8% (1Q23: 18.4%), respectively, the highest among peers.
- The payment of the 1H23 interim dividend of 40 cents on 25 August 2023 will reduce the CET1 CAR to 14.6%, which is still above the medium-term target of 14.0%. See OCBC's dividend dates.
Net interest income growth partially mitigated by NIM decline.
- - Read this at SGinvestors.io -
- Meanwhile, loan growth was at 1% q-o-q, largely driven by housing and corporate loans in Singapore.
Mixed non-interest income performance.
- Read more at SGinvestors.io.
