- 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
- Oversea-Chinese Banking Corp (OCBC, SGX:O39) reported net profit of S$1,982m for 1Q24 (up 5% y-o-y and up 22% q-o-q), above our forecast of S$1,824m.
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 the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ 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:
2024-11-11 OCBC - The Tide On Capital Management Has Turned.
Previous report by UOB:
2024-08-05 OCBC's 2Q24 - Steady Execution, Pristine Asset Quality.
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 Dividends & Corporate Actions,
OCBC News Articles
