- OCBC reported 3Q24 revenue of S$3,802mil (+11% y-o-y, +5% q-o-q), >5% above consensus, with net profit of S$1,974mil (+9% y-o-y, +2% q-o-q), >3% above consensus.
- Operating costs of S$ 1,463mil grew 9% y-o-y, 7% q-o-q, led by a rise in variable staff compensation linked to higher business volumes.
3Q24 revenue and net profit beat consensus.
- - Read this at SGinvestors.io -
- OCBC's 3Q24 net interest income (NII) of S$2,433mil declined 1% y-o-y, flat q-o-q as both deposit and loan growth were flat q-o-q and a longer quarter compensated for a 2bps q-o-q decline in NIM.
Higher non-interest income supported by increased fee, trading, and insurance income.
- - Read this at SGinvestors.io -
- Trading income of S$508mil (+135% y-o-y, +43% q-o-q) was at a record high on higher customer flow income q-o-q, driven by the corporate and wealth segments, and non-customer flow, which more than doubled q-o-q to S$202mil from improved investment performance across global markets and Great Eastern (SGX:G07).
- Profit from Great Eastern was S$233mil (+6% y-o-y, -21% q-o-q), supported by robust underlying business performance. Net gains from the sale of investment securities and others was S$120mil (+58% y-o-y, +45% q-o-q).
3Q24 saw higher credit costs of 22bps (2Q24: 15bps) due to higher general allowances.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Rui Wen LIM DBS Group Research | Singapore Research CMT DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-11-08
Previous report by DBS:
2024-08-06 OCBC - Lowering NIM Guidance.
Price targets by 2 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
