Oversea-Chinese Banking Corp - UOB Kay Hian 2024-05-14: Record-High 1Q24 Earnings Demonstrate Excellence In Execution

Oversea-Chinese Banking Corp - Record-High 1Q24 Earnings Demonstrate Excellence In Execution

Published:
OCBC (SGX:O39) | SGinvestors.ioOCBC (SGX:O39)
  • OCBC delivered a record-high net profit of S$1,982m in 1Q24 (+5% y-o-y), supported by the recovery of wealth management, normalised contribution from insurance, and strong trading income. CET-1 CAR improved 0.3ppt q-o-q to 16.2%, which is the highest among the local banks.
  • - Read this at SGinvestors.io -

OCBC's 1Q24 earnings

Pick-up in loan growth.

  • NIM eased 2bp q-o-q to 2.27% in 1Q24 as the rise in asset yields was outpaced by higher funding costs. NIM held up at 4Q23’s level if adjusted for fewer days.
  • - Read this at SGinvestors.io -

Fees grew 6% y-o-y and 4% q-o-q in 1Q24.

  • Contribution from wealth management increased 20% y-o-y and 17% q-o-q. OCBC attracted net new money inflow of S$6b in 1Q24. AUM increased by S$10b or 4% q-o-q to S$273b.

Contributions from insurance normalised.

  • 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/ 2024-05-13



Read also UOB's most recent report:
2025-02-27 OCBC - Dividend Payout Ratio Raised To 60% For 2024 & 2025.

Previous report by UOB:
2024-11-11 OCBC - The Tide On Capital Management Has Turned.

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






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