- 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.
