OCBC's Q1 net profit rose 5pc year on year to S$1.97 billion, total income sets new high

Oversea-Chinese Banking Corporation reported a net profit of S$1.97 billion (HK$12.15 billion) for the first quarter of this year, up 5 percent year on year, led by strong growth in wealth management.

The net profit was also 13 percent higher than S$1.74 billion in the previous quarter.

Total income rose 5 percent year on year and 6 percent quarter on quarter to S$3.83 billion, a new high.

Non-interest income was up by more than 20 percent from the previous year and the prior quarter, with broad-based increases of 24 percent, 10 percent, and 34 percent in fees and commissions, trading, and insurance income, respectively.

Total allowances rose 2 percent year on year to S$216 million, the non-performing loan ratio was up 0.9 percent, and return on investment increased 13 percent.

Customer loans increased by 2 percent from the previous quarter to S$347 billion, a 9 percent year on year increase. 

Customer deposits rose 4 percent from the previous quarter to S$444 billion, a 10 percent year on year increase.

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