OCBC logs 8% net profit rise to S$7.59b in FY2024 on higher wealth income

Its earnings per share is S$1.67, and total dividend is S$1.01.

Oversea-Chinese Banking Corporation (OCBC) reported a net profit of S$7.59b (US$5.63m) for FY2024, an 8% year-on-year (YoY) increase, its latest financial highlights showed.

Its banking operations’ net profit rose 5% YoY to S$6.71b (US$5.02b) n FY2024.

An earnings per share (EPS) of S$1.67 has been announced, which is 8% YoY higher compared to FY2023. Total dividend is S$1.01, a 23% YoY increase compared to a year earlier.

Total income rose 7% YoY to S$14.5b (US$10.84b). Of this, net interest income rose 1% YoY to a new high of S$9.76b (US$7.3b). OCBC credited this to a 5% increase in average assets from customer loans, and high-quality assets which were income accretive but lower yielding.

Non-interest income expanded 22% YoY to S$4.72b (US$3.53b). Net fee income expanded 9% YoY to S$1.97b (US$1.47b), lifted by a 22% rise in wealth management fees across all wealth channels, OCBC said.

Wealth management income— comprising income from private banking, premier private banking, premier banking, insurance, asset management, and stockbroking— rose 13% YoY to a record S$4.89b (US$3.66b) in FY2024. Group wealth management income accounted for 34% of OCBC’s total income.

Banking wealth management assets under management (AUM) rose 14% to a new high of S$299m (US$223.5m).

Investment banking and loan-related fees are also reportedly higher in FY2024.

Net trading income rose 53% YoY to S$1.54b (US$1.15b), with customer flow treasury rising to a new high.

Insurance income is up 14% YoY to S$917m (US$685.52m), led by higher income from the underlying insurance business and improved claim experience, according to OCBC.

Operating expenses are 10% YoY higher, at S$5.75b (US$4.3b), for FY2024.

Net interest margin (NIM) fell 8 basis points (bp) to 2.2%.

Credit costs fell 1bp to 19bps.

Customer loans rose 8% YoY to S$319b; whilst customer deposits are 7% YoY higher at S$391b int otal.

OCBC’ non-performing loan (NPL) ratio is 0.9%, a decrease of 0.1 percentage point (ppt).

(US$1 = S$1.34; as of 26 February 2025, Google)

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