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.
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.
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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.
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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/.
