Oversea-Chinese Banking Corp - Phillip Securities 2024-11-11: 3Q24 Trading Income Hits New High

Oversea-Chinese Banking Corp - 3Q24 Trading Income Hits New High

Published:
OCBC (SGX:O39) | SGinvestors.io
  • OCBC's 3Q24 earnings of S$1.97bn were above our estimates owing to a surge in trading income and higher fees and commission income. 9M24 PATMI was 81% of our FY24e forecast.
  • NII grew 2% y-o-y from loan growth of 2% y-o-y offset by NIM dipping 6bps y-o-y to 2.20%. Total non-interest income rose 13% y-o-y, led by broad-based growth from fee, trading, and insurance income. Allowances dipped 43% due to lower GPs as credit costs improved to 15bps.
  • - Read this at SGinvestors.io -

The Positives

Trading drives non-interest income.

  • OCBC's trading income hit a new quarterly high of S$508mil (+135% y-o-y) from higher customer flow income and was the main driver for non-interest income growth (+41% y-o-y). This was also supported by fee income growth from higher WM, investment banking, and loan-related fees, while insurance growth was supported by robust underlying business performance.
  • - Read this at SGinvestors.io -

Allowances down 8% y-o-y, credit costs at 22bps.

  • Read more at SGinvestors.io.




Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.




Glenn Thum Phillip Securities Research | http://www.poems.com.sg/ 2024-11-11



Previous report by Phillip:
2024-05-13 OCBC Bank - Non-Interest Income The Growth Driver.

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 Dividends & Corporate Actions,
OCBC News Articles





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