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 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



Previous report by UOB:
2024-02-29 OCBC Bank - Quality 4Q23 Earnings With Resilient Asset Quality.

Price targets by 5 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





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