OCBC reported a record net orofit for 1H2022
With Singapore relaxing most of its COVID-19 local and travel restrictions since early April this year, banks are benefiting from the rebound in economic recovery of the Asian financial hub.
Singapore's second-largest lender Oversea-Chinese Banking Corp Ltd $OCBC Bank(O39.SG$ reported a stronger-than-expected 28% jump in quarterly profit and gave a robust outlook as rising interest rates pushed up its net interest margins.
Let’s dive in to look at OCBC’s earnings report:
1. OCBC’s net interest income for 2Q2022 jumped 16% year on year to S$1.7 billion as interest rates headed higher.
2. OCBC also reported growth for both its net interest margin (NIM) and loan book. NIM jumped to 1.71% for 2Q2022, up from 1.58% a year ago.
3. Fee income for 2Q2022 declined by 15% year on year to S$477 million due to lower wealth management, brokerage, and investment banking fees.
4. OCBC continued to see improved credit conditions compared to the same period last year, it the bank put through just S$72 million in allowances for 2Q2022, a sharp fall from the S$232 million for 2Q2021.
5. OCBC has declared an interim dividend of S$0.28 per share. The dividend is 12% higher than 1H2021’s S$0.25 and represents 44% of the bank’s profit after tax.
1. OCBC’s net interest income for 2Q2022 jumped 16% year on year to S$1.7 billion as interest rates headed higher.
2. OCBC also reported growth for both its net interest margin (NIM) and loan book. NIM jumped to 1.71% for 2Q2022, up from 1.58% a year ago.
3. Fee income for 2Q2022 declined by 15% year on year to S$477 million due to lower wealth management, brokerage, and investment banking fees.
4. OCBC continued to see improved credit conditions compared to the same period last year, it the bank put through just S$72 million in allowances for 2Q2022, a sharp fall from the S$232 million for 2Q2021.
5. OCBC has declared an interim dividend of S$0.28 per share. The dividend is 12% higher than 1H2021’s S$0.25 and represents 44% of the bank’s profit after tax.
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