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OCBC posts record S$7.02 billion earnings for FY2023; expects lower NIMs, slow loan growth in 2024

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Michelle Zhu
Tan Nai Lun

Michelle Zhu &

Tan Nai Lun

Published Wed, Feb 28, 2024 · 02:18 PM
    • OCBC says its net profit rose 27 per cent year on year to S$7.02 billion for FY2023, crossing the S$7 billion mark for the first time.
    • OCBC says its net profit rose 27 per cent year on year to S$7.02 billion for FY2023, crossing the S$7 billion mark for the first time. PHOTO: REUTERS

    SINGAPORE’S second-largest lender OCBC will likely post lower net interest margins (NIMs) and slow loan growth in 2024 amid a global growth slowdown, said OCBC group chief executive Helen Wong.

    Speaking at the bank’s fourth quarter results briefing on Wednesday (Feb 28), Wong expects 2024 to be more challenging than 2023, although Asia will likely perform better than the world average.

    “We think there will be continued potential as we optimise in capturing growth opportunities in the Asean-Greater China link and our corridor,” she said.

    OCBCFinancial resultsSingapore banks

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