- OCBC (SGX:O39) reported net profit of S$1,687m for 4Q24 (up 4% y-o-y but down 15% q-o-q), slightly below our forecast of S$1,748m.
Mild NIM compression.
- - Read this at SGinvestors.io -
- Net interest income was quite flat on a y-o-y basis.
Sequential growth in fees despite seasonal weakness.
- Fees grew 12% y-o-y and 2% q-o-q in 4Q24.
- Contribution from wealth management increased 26% y-o-y. OCBC saw increased customer activities across all wealth product channels due to improved sentiment and higher AUM. Its AUM has expanded 14% to S$299b.
- Contributions from life and general insurance were lacklustre at S$101m due to provisions for changes to Singapore’s MediShield Life scheme and caps for premium increases in Malaysia.
Contribution from treasury activities normalises.
- - Read this at SGinvestors.io -
Higher staff costs due to bonus accruals and acquisition.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-02-27
Previous report by UOB:
2024-11-11 OCBC - The Tide On Capital Management Has Turned.
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
