SINGAPORE: Due mostly to higher operating profit and fewer allowances, Oversea-Chinese Banking Corp. (OCBC), the second-largest bank in Singapore, announced a 12% increase in net profit in the fourth quarter compared to last year on Wednesday, February 28.
OCBC, the second-biggest lender in Southeast Asia based on assets, reported that its net profit for the October-December period increased to S$1.62 billion (US$1.21 billion) from S$1.44 billion in the same period last year.
This was less than the average forecast of S$1.72 billion that LSEG gathered from four analysts.
It declared that it would raise the final dividend from 40 cents per share to 42 Singapore cents this year.
CEO Helen Wong stated in a press statement on Wednesday, “I am thrilled to report another year of record earnings for 2023, which crossed S$7 billion for the first time.
“Our robust performance for 2023 is a testament to the strength of our well-diversified business franchise and reflected the results of our transformation and growth strategy.”
