- OCBC (SGX:O39) reported net profit of S$1,745m for 4Q25 (+3% y-o-y but -12% q-o-q), in line with our forecast of S$1,733m.
NIM starting to stabilise.
- NIM expanded 2bp q-o-q to 1.86% in 4Q25, reflecting bottoming and stabilisation of NIM. Loans expanded 9% y-o-y and 4% q-o-q on a constant currency basis, driven by expansion of Singapore (+11%), Malaysia (+8%) and rest of the world (+14%).
- - Read this at SGinvestors.io -
Double-digit growth in fee income.
- Fees grew 16% y-o-y but pulled back seasonally by 12% q-o-q in 4Q25. Contribution from wealth management increased 26% y-o-y, driven by broad-based growth across all channels and improved investment sentiment. AUM expanded by 15% y-o-y to an all-time high of S$343b.
- OCBC attracted net new money of S$6b in 4Q25 and S$27b in 2025. Loans-related fees increased 12% y-o-y.
Growth in non-interest income.
- - Read this at SGinvestors.io -
- Customer flow treasury income grew 37% y-o-y.
Discipline cost containment.
- Operating expenses were flat y-o-y at S$1,559m in 4Q25. Cost-to-income ratio (CIR) was healthy at 40.2% on a full year basis for 2025.
Stable asset quality.
- Read more at SGinvestors.io.
