OCBC Bank - Phillip Securities 2024-05-13: Non-Interest Income The Growth Driver

• OCBC Bank (SGX:O39)'s 1Q24 earnings of S$1.98bn were slightly above our estimates. This was due to higher non-interest income from growth in fee, insurance, and trading income and moderate growth in NII offset by higher allowances and expenses. 1Q24 PATMI was 28% of our FY24e forecast.
• - Read this at SGinvestors.io -
• OCBC announced a S$1.4bn voluntary unconditional general offer for the remaining 11.56% stake in Great Eastern (SGX:G07) that it does not own. The offer price was S$25.60 per share.
• - Read this at SGinvestors.io -

The Positives

Non-interest income rises 17% y-o-y.

• Read more at SGinvestors.io.

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

Read also Phillip's most recent report:
2025-02-27 OCBC Bank - Earnings Miss From Higher Allowances & Expenses.

Previous report by Phillip:
2024-11-11 Oversea-Chinese Banking Corp - 3Q24 Trading Income Hits New High.

Price targets by 2 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