$OCBCBank(O39.SG)$: OCBC's net profit for Q4 2023 rose 12% t...
$OCBCBank(O39.SG)$: OCBC's net profit for Q4 2023 rose 12% to S$1.62 billion from S$1.44 billion a year earlier, due to a 2% increase in operating profit and lower allowances. However, the figure fell short of the S$1.72 billion estimate based on one analyst polled by Bloomberg. Net interest income was up 3% to S$2.46 billion from a year ago as average assets grew 4%. Non-interest income rose 25% to S$811 million, with net fee income increasing 16% due to higher fees from wealth management, credit card, and loan-related activities. The bank's non-performing loan ratio as of Dec 31, 2023, was 1%, down 0.2 percentage point from the prior year. The bank declared a final dividend of S$0.42 per share, bringing its total dividend for the full year to S$0.82 per share, up 21% from S$0.68 the prior year.
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