SINGAPORE: Oversea-Chinese Banking Corp (OCBC), the second-largest bank in Singapore, announced on Friday, August 2, that its second-quarter net profit had increased by a more robust 14% year over year than anticipated. The bank also stated that it was on course to meet its 2024 targets.
The second-biggest lender in Southeast Asia by assets, OCBC, reported that its net profit for April through June increased to S$1.94 billion (US$1.45 billion) from S$1.71 billion the previous year, primarily due to increases in income and a decrease in allowances.
This was more than the average estimate of S$1.82 billion or the 6.4% year-over-year increase predicted by five analysts surveyed by LSEG.
During an earnings briefing, Helen Wong, Group CEO of OCBC, expressed confidence in the ASEAN economy’s resilience and mentioned Southeast Asia’s favourable macroeconomic outlook and abundant opportunities.
CEO Wong stated that OCBC kept its 2024 earnings projections for net interest margin (NIM) between 2.2% and 2.25 percent, low single-digit loan growth, credit costs between 20 and 25 basis points, and a 50% dividend payout.NIM might arrive at the lower end of the guided range, she continued. This contrasts with its previous estimate for NIM in the upper end of the range from May.
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