OCBC’s Q3 2024 net profit rises 9% to $1.50b

Operating expenses rose 9% to $1.11b.

Oversea-Chinese Banking Corporation’s (OCBC) third quarter (Q3 2024) net profit increased by 9% year-on-year (YoY) to $1.50b (S$1.97b).

In the January to September period, net profit also climbed 9% to $4.48b (S$5.90b).

“This was driven by broad-based income growth and lower allowances,” the bank said in a release.

Non-interest income grew 41% YoY to $1.04b (S$1.37b) in Q3 2024, with notable increases in fee and trading income.

Net fee income climbed 10% YoY to $386.08m (S$508m), largely due to a 25% rise in wealth management fees during the quarter.

Operating expenses rose 9% to $1.11b (S$1.46b) in the quarter, largely due to business volume growth and digitalisation initiatives.

On an annualised basis, earnings per share increased to $1.31 (S$1.73).

($1.00 = S$1.32)