OCBC Second-Quarter Net Profit Rose on Higher Trading Income

By P.R. Venkat

Oversea-Chinese Banking Corp. posted a rise in second-quarter net profit mainly due to higher income from trading and fees, and announced an increase in shareholders payouts.

Profit for the period ended June rose 14% on the year to 1.94 billion Singapore dollars (US$1.45 billion), with total income gaining 5.0% on the year to S$3.63 billion, OCBC said Friday.

Based on its strong financial performance, the bank declared an interim dividend of 44 Singapore cents per share, up 10% from a year earlier. This represents a payout ratio of 50% of the group's first-half net profit.

Net profit for the first half rose 9% on the year to S$3.93 billion.

During the second quarter, net interest income grew 2% on the year to S$2.43 billion, while non-interest income rose 13% to S$1.20 billion from robust growth in fees, trading and insurance income, the bank said.

"With our strong capital position, diversified earnings base and prudent approach towards risk management, we are well positioned to navigate the challenging macroeconomic landscape," Chief Executive Officer Helen Wong said.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

August 01, 2024 19:52 ET (23:52 GMT)

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