OCBC Bank - Phillip Securities 2025-02-27: Earnings Miss From Higher Allowances & Expenses

• OCBC (SGX:O39)'s 4Q24 earnings of S$1.69bn were below our estimates owing to higher expenses and allowances. FY24 PATMI was 96% of our FY24e forecast.
• Final dividend dipped 2% y-o-y to 41 cents with FY24 total OCBC's dividends at S$1.01 (FY23: S$0.82) inclusive of a special dividend of 16 cents. A two-year S$2.5bn capital return (special dividend equivalent to 10% dividend payout ratio and ~S$1bn share buyback) was announced.
• - Read this at SGinvestors.io -
• OCBC has guided for FY25e net-interest margin of around 2%, mid-single digit loan growth, and credit costs of around 20 to 25bps.
• - Read this at SGinvestors.io -

The Positives

Wealth management fees continue to rise.

• Read more at SGinvestors.io.

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

Read also Phillip's most recent report:
2026-01-05 OCBC - Fee Income Surge & Upside From Excess Capital.

Previous report by Phillip:
2025-11-10 Oversea-Chinese Banking Corp - Earnings Steady, Future Capital Return Unclear.

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 Dividend Payout Dates & Corporate Actions,
OCBC News