OCBC reported a 9% increase in net profit to S$3.93 billion for 1H24 and raised its interim dividend by 10% to 44 cents per share, reflecting strong financial performance and strategic growth initiatives.
Target Information
Oversea-Chinese Banking Corporation Limited (OCBC) is one of the largest banks in Southeast Asia, headquartered in Singapore. In the first half of 2024, OCBC reported a remarkable net profit of S$3.93 billion, reflecting a 9% increase from S$3.59 billion in the same period last year. The bank's strong performance was driven by broad income growth, surpassing S$7 billion for the first time, while maintaining a low non-performing loan ratio of 0.9%, indicating robust asset quality.
In addition to its impressive profits, OCBC declared an interim dividend of 44 cents per share, representing a 10% increase from the previous year's 40 cents. The dividend payout ratio stands at 50%, demonstrating the bank's commitment to returning value to shareholders while ensuring sufficient capital for growth.
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Industry Overview in Singapore
Singapore's banking industry is one of the most advanced and competitive in the world, renowned for its stability and innovation. The regulatory environment in Singapore is strict but conducive to growth, with the Monetary Authority of Singapore
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Disclosed details
Net Income: $2,931M