- 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 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 | https://www.poems.com.sg/ 2025-02-27
Previous report by Phillip:
2024-11-11 Oversea-Chinese Banking Corp - 3Q24 Trading Income Hits New High.
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
