- OCBC (SGX:O39) delivered a near-record net profit of S$1,944m in 2Q24 (up 14% y-o-y but down 2% q-o-q), above our forecast of S$1,644m, supported by strong net trading income and lower credit costs.
Purchased government bonds to insulate against rate cuts.
- - Read this at SGinvestors.io -
- OCBC has shifted its asset mix to prepare for an environment of lower interest rates. Net interest income grew 1.7% y-o-y and was flat q-o-q.
Fees grew 8% y-o-y but receded 3% q-o-q in 2Q24.
- OCBC benefits from FDI inflows to ASEAN as multinational companies seek to diversify their supply chains. It saw an increase in customer activities across all wealth channels.
- - Read this at SGinvestors.io -
- Contribution from wealth management increased 17% y-o-y but eased 7% q-o-q.
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/ 2024-08-05
Previous report by UOB:
2024-05-13 Oversea-Chinese Banking Corp - Record-High 1Q24 Earnings Demonstrate Excellence In Execution.
Price targets by 3 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
