- OCBC delivered earnings growth of 12% y-o-y in 4Q23 despite dismal contributions from its insurance business. Quality of its earnings is high as loan loss coverage improved further by 12ppt q-o-q to 151%, its 8th consecutive quarter of sequential improvement.
- - Read this at SGinvestors.io -
- OCBC provides attractive dividend yield of 6.5% for 2024. Maintain BUY. Target price: S$17.22.
OCBC's 4Q23 results
- Oversea-Chinese Banking Corp (OCBC, SGX:O39) reported net profit of S$1,622m for 4Q23 (up 12% y-o-y but down 10% q-o-q), which is in line with our forecast of S$1,647m.
NIM expanded 2bp q-o-q to 2.29% in 4Q23.
- - Read this at SGinvestors.io -
- On a constant currency basis, loans grew 2% y-o-y and 1% q-o-q driven mainly by Singapore. Sustainable financing loans increased 29% y-o-y and accounted for 13% of total loans.
- Net interest income expanded at a low single-digit pace of 3% y-o-y.
Fees grew at double-digit pace of 16% y-o-y but were flat q-o-q in 4Q23.
- Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-02-29
Read also UOB's most recent report:
2026-06-26 Singapore Banks - A Reformer Bent On Downsizing The Fed’s Balance Sheet.
Previous report by UOB:
2026-05-11 OCBC 1Q26 - Green Shoots Of Excellence In Execution.
Price targets by 4 other brokers at OCBC Target Prices.
Listing of research reports at OCBC Analyst Reports.
Relevant links:
OCBC Share Price History,
OCBC Announcements,
OCBC Dividend Payout Dates & Corporate Actions,
OCBC News
