OCBC's 2Q24 - UOB Kay Hian 2024-08-05: Steady Execution, Pristine Asset Quality

OCBC's 2Q24 - Steady Execution, Pristine Asset Quality

Published:
OCBC (SGX:O39) | SGinvestors.ioOCBC (SGX:O39)
  • 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 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/.



Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-08-05



Read also UOB's most recent report:
2025-02-27 OCBC - Dividend Payout Ratio Raised To 60% For 2024 & 2025.

Previous report by UOB:
2024-11-11 OCBC - The Tide On Capital Management Has Turned.

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 Dividend Payout Dates & Corporate Actions,
OCBC News






Advertisement

You May Also Like



SGX Stock / REIT Search

Advertisement

Most Read

Trust Bank Referral Code

Advertisement