OCBC's Q2 profit up 22% to S$1.08b
OCBC on Thursday posted a 22 per cent increase in its second-quarter net profit to S$1.08 billion, from S$885 million a year ago.
The group attributed this to strong year-on-year performance by its banking, wealth management and insurance operations - driven by growth in net interest income, fees and commissions, net trading income and profit from life assurance.
Net interest income rose 7 per cent to S$1.35 billion in the second quarter ended June 30, 2017, from S$1.26 billion a year ago, due mainly to strong lending growth across the group's corporate and consumer businesses, said OCBC.
Customer loans grew 11 per cent from the previous year to S$229 billion, led by broad-based growth across most industry segments and key markets.
Net interest margin (NIM) for the quarter was 1.65 per cent, marginally lower than last year's 1.68 per cent, primarily on a fall in loan yields, which was partly offset by higher gapping income and a drop in funding costs.
An interim dividend of 18 Singapore cents per share has been declared for the first half of 2017, unchanged from the 18-cent interim dividend declared a year ago.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Air China to buy 100 locally made C919 jets in US$11 billion deal
HCA beats first-quarter profit estimates on higher patient admissions
F&B operator YKGI to exclusively operate Chicha San Chen in Macau for next eight years
LMIRT Q1 net property income dips 3.1% to S$30 million on higher expenses
Exxon misses on Q1 profit despite big gains in Guyana
US FDA approves Pfizer’s gene therapy for rare bleeding disorder