OCBC’s net profit for the first quarter ended Mar 31, 2024 rose 5 per cent to S$1.98 billion, buoyed by strong growth in operating profit.
This was compared with earnings of S$1.88 billion from the year-ago period, according to financial statements released on Friday (May 10).
OCBC’s Q1 net profit beat the S$1.85 billion consensus forecast in a Bloomberg survey of three analysts. It was the last among its local peers to report its quarterly results this season.
Annualised earning per share stood at S$1.76 for the quarter, up 5 per cent from S$1.68 the year before.
Total income for the quarter rose 8 per cent year on year to S$3.6 billion.
Net interest income rose 4 per cent to S$2.4 billion, driven by a 5 per cent growth in average assets, which more than compensated for a 3 basis-point decline in net interest margin, as rising funding costs offset the higher asset yields.
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Non-interest income was up 17 per cent to S$1.2 billion due to improvement in fee, trading and insurance income.
The bank’s non-performing loans ratio at the end of the quarter was 1 per cent, down 0.1 percentage point from the previous year.
Total allowances were S$169 million, higher than the S$110 million the previous year, mainly due to increased allowances for impaired assets
OCBC : O39 0%shares ended up 1.2 per cent, or S$0.16, to S$13.91 on Thursday.
