OCBC reported a 14% increase in Q2 net profit, confident in ASEAN economy

From Investing.com: 2024-08-02 01:08:32

Singapore’s OCBC bank reported a 14% jump in second quarter net profit, beating expectations at $1.45 billion. The bank remains confident in ASEAN’s economy and aims to meet 2024 targets with a dividend payout of 50%. NIM might hit the lower end of the guided range as trading activities increase.

OCBC’s wealth management fees saw a 17% increase to $212 million, with assets under management reaching a record $279 billion. Private banking arm Bank of Singapore is hiring more managers as customers anticipate rate cuts. The bank declared an interim dividend of 44 Singapore cents per share.

Return on equity rose to 14.2% in Q2 from 13.5% in 2023, but net interest margin declined to 2.20%. The results are in line with smaller peer UOB’s 1% rise in net profit. DBS is set to announce its results on August 7.



Read more at Investing.com: OCBC’s Q2 profit tops expectations, says on track to meet 2024 targets By Reuters