OCBC Bank - RHB Invest 2024-02-28: Results In Line, But Dividend Guidance May Disappoint

• Relative to OCBC (SGX:O39)’s FY23 guidance, its reported ROE of 13.7% missed the >14% target. For FY24, mild NIM compression and higher credit cost were guided, leading to an ROE target of 13-14%.
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4Q23 results were in line

• OCBC's 4Q23 results were in line, with reported net profit of S$1.6bn (-10% q-o-q, +12% y-o-y) bringing FY23 earnings to S$7bn (+27% y-o-y) – 99% of our and Street’s FY23 estimate. FY23 reported ROE was 13.7% (FY22: 11.1%) while CET-1 was up 110bps q-o-q to 15.9% (4Q22: 15.5%).
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OCBC's results highlights.

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Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2026-01-27 OCBC - Looking Ahead To What 2026 Has In Store.

Previous report by RHB:
2025-11-10 OCBC Bank - Awaiting Updates On Capital Management.

Price targets by 3 other brokers at OCBC Target Prices.

Listing of research reports at OCBC Analyst Reports.

Relevant links:
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OCBC Dividend Payout Dates & Corporate Actions,
OCBC News