- OCBC delivered a net profit of S$1,974m in 3Q24 (+9% y-o-y), supported by a surge in wealth management fees, doubling of trading income and steady growth from insurance.
- Management will review OCBC's capital position at end-24. It prefers to return surplus capital to shareholders through paying more regular dividends but does not advocate buying back shares.
Gradual NIM compression.
- - Read this at SGinvestors.io -
- NIM eased 9bp y-o-y and 2bp q-o-q to 2.18% in 3Q24 due to liquidity deployed in lower-yielding high-quality bank placements and debt securities and higher funding cost. Loans expanded 4% y-o-y and 2% q-o-q on a constant currency basis driven by Singapore, Malaysia, Australia and the UK.
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Upbeat sentiment drove activities from high net worth clients.
- Fees grew 10% y-o-y and 9% q-o-q in 3Q24. Contribution from wealth management jumped 25% y-o-y and 16% q-o-q. OCBC saw an increase in customer activities across all wealth products channels, including structured deposits, bancassurance, unit trusts and private banking. It attracted net new money of S$5b and AUM expanded 5% y-o-y to S$284b in 3Q24.
Surge in trading income.
- Read more at SGinvestors.io.
