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OCBC’s Q1 profit up 5% to S$1.98 billion; CEO confident about 2024

The move to wholly acquire Great Eastern should also add to the bank’s return on equity, she says

Tan Nai Lun

Tan Nai Lun

Published Fri, May 10, 2024 · 02:09 PM
    • OCBC’s Q1 net profit is up 5 per cent on year to a record S$1.98 billion amid strong growth in operating profit, beating the S$1.85 billion consensus forecast in a Bloomberg survey of three analysts.
    • OCBC’s Q1 net profit is up 5 per cent on year to a record S$1.98 billion amid strong growth in operating profit, beating the S$1.85 billion consensus forecast in a Bloomberg survey of three analysts. PHOTO: YEN MENG JIIN, BT

    OCBC group chief executive Helen Wong is confident that the lender can deliver on its 2024 targets, amid the bank’s strong performance and an all-time-high income in the first quarter of the year.

    Speaking at a briefing on its first-quarter results on Friday (May 10), she said she expects the lender’s return on equity (ROE) for 2024 to be at the higher end of its 13 to 14 per cent target, based on its current business trajectory.

    In addition, OCBC’s move to wholly acquire Great Eastern Holdings (GEH) should also add to ROE, she said. On Friday, OCBC made an offer – at S$25.60 per share – to acquire the 11.56 per cent stake in the insurer that the bank does not currently own, with the aim of delisting GEH.

    OCBCFinancial resultsGreat EasternSingapore banks

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