OCBC net profit rises to S$7.6 billion

Singapore's second-largest bank, Oversea-Chinese Banking Corporation, announced net profit grew 8 percent last year, driven by income growth across its three key business segments and lower allowances.

OCBC recorded a net profit of S$7.59 billion (HK$44.1 billion), an increase of 8.12 percent compared to S$7.02 billion in 2023.

The lender reported revenue came in at S$14.47 billion, up 7 percent. Of this, net interest income was S$9.76 billion, an increase of 1 percent, while non-interest income amounted to S$4.718 billion, up 22 percent.

The bank proposed a final ordinary dividend of 41 Singapore cents, bringing the total ordinary dividend to 85 Singapore cents per share, or a payout ratio of 50 percent. Its board is also recommending a special dividend of 16 Singapore cents per share or 10 percent payout ratio at its upcoming 2025 annual general meeting.

STAFF REPORTER