- 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.