OCBC posts record S$7.02 billion earnings for FY2023; expects lower NIMs, slow loan growth in 2024
February 28, 2024 / /
SINGAPORE’S second-largest lender OCBC will likely post lower net interest margins (NIMs) and slow loan growth in 2024 amid a global growth slowdown, said OCBC group chief executive Helen Wong.
Speaking at the bank’s fourth quarter results briefing on Wednesday (Feb 28), Wong expects 2024 to be more challenging than 2023, although Asia will likely perform better than the world average.
“We think there will be continued potential as we optimise in capturing growth opportunities in the Asean-Greater China link and our corridor,” she said.
The bank is targeting 2024 NIMs to be in the range of 2.2 to 2.25 per cent – assuming interest rate cuts in the second half of 2024 – which is down…
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