- OCBC (SGX:O39) reported 1Q25 revenue of S$3,655mil (+1% y-o-y, +7% q-o-q), while net profit came in at S$1,883mil (–5% y-o-y, +12% q-o-q).
1Q25 revenue and net profit beat consensus.
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- OCBC's capital ratios remained robust, with CET1 at 17.6% (4Q24: 17.1%) while total capital adequacy ratio was 20.2% (4Q24: 19.7%).
- Net interest income was S$2,345mil (-4% y-o-y, - 4% q-o-q) as 3% average asset growth was more than offset by an 11bps decline in net interest margin (NIM) to 2.04% and the impact of a shorter quarter.
Higher non-interest income driven by broad-based growth.
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- Net fees and commissions came in at S$546mil (+14% y-o-y, +6% q-o-q), driven by increased customer activity, which boosted wealth management, brokerage and fund management, as well as loan-related and investment banking fees.
- Trading income surged 7% y-o-y, 31% q-o-q to S$396mil due to higher customer and non-customer treasury flows.
- Great Eastern contributed S$306mil (+6% y-o-y, +201% q-o-q), largely due to better underlying insurance performance in 1Q25 and the negative impact from changes in the medical insurance environment in Great Eastern’s key markets recognised in 4Q24.
1Q25 saw higher credit costs of 24bps (4Q24: 21bps) driven by allowances for non-impaired assets.
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