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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Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-02-28 SGinvestors.io

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