Thursday, September 18, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

OCBC’s Q2 profit tops expectations, says on track to meet 2024 targets By Reuters

by Reuters
August 2, 2024
in Stock Market
Reading Time: 2 mins read
A A
0
Home Stock Market
Share on FacebookShare on Twitter


By Yantoultra Ngui

SINGAPORE (Reuters) -Singapore’s second-largest financial institution Oversea-Chinese language Banking Corp (OCBC) reported on Friday a stronger-than-expected 14% year-on-year soar in second quarter internet revenue and mentioned it was firmly on observe to satisfy its 2024 targets.

“As we glance forward, we’re alert to the heightened degree of geopolitical uncertainties,” OCBC’s Group CEO Helen Wong mentioned in an announcement.

“With our robust capital place, diversified earnings base and prudent strategy in direction of danger administration, we’re properly positioned to navigate the difficult macroeconomic panorama,” she added.

OCBC, which can be Southeast Asia’s second-largest lender by property, mentioned its April-June internet revenue rose to S$1.94 billion ($1.45 billion) from S$1.71 billion a 12 months earlier, pushed primarily by revenue progress and a decline in allowances.

This was above the imply estimate of S$1.82 billion or expectations for a 6.4% on-year rise from 5 analysts polled by LSEG.

OCBC maintained its 2024 earnings steering of internet curiosity margin within the vary of two.20% to 2.25%, low single-digit mortgage progress, credit score prices between 20 to 25 foundation factors and 50% dividend payout, Wong’s presentation confirmed.

The financial institution’s earnings adopted that of smaller peer United Abroad Financial institution (OTC:) (UOB), which on Thursday reported a 1% on-year rise in second quarter internet revenue to S$1.43 billion, consistent with estimates. The outcomes from UOB and OCBC this week kick begin the present earnings season for Singaporean banks, which have benefited from robust inflows of wealth into Asia due to its political stability, low taxes, and insurance policies beneficial in direction of household workplaces and trusts. OCBC’s second quarter consequence confirmed a 17% on-year soar in wealth administration charges to S$212 million, whereas asset below administration rose 2% to file degree of S$279 billion.

UOB’s wealth property below administration climbed 10% on-year to S$182 billion, its outcomes posted on Thursday confirmed. Bigger friends DBS is because of announce its outcomes on Aug. 7.

OCBC, which counts Singapore, higher China, Indonesia and Malaysia amongst its key markets, declared an interim dividend of 44 Singapore cents a share, up 10% from a 12 months in the past.

Return on fairness climbed to 14.2% within the second quarter from 13.5% in the identical interval of 2023.

Web curiosity margin, a key profitability gauge, declined to 2.20% throughout the quarter from 2.26% a 12 months earlier.

($1 = 1.3362 Singapore {dollars})





Source link

Tags: expectationsmeetOCBCsProfitReuterstargetstopstrack
Previous Post

SUN.io launches SUN DAO to enhance decentralized governance and drive ecosystem innovation

Next Post

Today’s Stock Recommendation: August 2, 2024

Related Posts

Goldman Sachs Small Cap Growth Insights Fund Q2 2025 Commentary

Goldman Sachs Small Cap Growth Insights Fund Q2 2025 Commentary

by Mutual Fund Commentaries
September 18, 2025
0

Sep. 18, 2025 9:05 AM ETGoldman Sachs Small Cap Progress Insights Fund Class A (GSAOX), GSCOX, GSIOX, GSTOX, GINUX, GSROXGSAOX,...

USD/CAD Outlook: Head Shoulder Pattern In Play As Fundamentals Provide Interesting Dilemma

USD/CAD Outlook: Head Shoulder Pattern In Play As Fundamentals Provide Interesting Dilemma

by Dean Popplewell
September 18, 2025
0

This text was written byComply withDean Popplewell has practically twenty years of expertise buying and selling currencies and glued revenue...

NanoXplore Inc. (GRA:CA) Q4 2025 Earnings Call Transcript

NanoXplore Inc. (GRA:CA) Q4 2025 Earnings Call Transcript

by SA Transcripts
September 17, 2025
0

Operator Good day, and thanks for standing by. Welcome to the This autumn and year-end 2025 Monetary Outcomes NanoXplore Earnings...

September 2025 Commentary And Economic Outlook

September 2025 Commentary And Economic Outlook

by Infrastructure Capital Advisors
September 17, 2025
0

This text was written byObserveInfrastructure Capital Advisors ("Infrastructure Capital") is a number one supplier of funding administration options designed to...

Alger International Opportunities Fund Q2 2025 Commentary

Alger International Opportunities Fund Q2 2025 Commentary

by Fred Alger Management
September 16, 2025
0

This text was written byObserveFred Alger Administration, LLC (“Alger”) is a privately held $27.4 billion development fairness funding supervisor. Alger...

What TikTok Star Earnings Teach Us About Investing

What TikTok Star Earnings Teach Us About Investing

by Giovanna Borges
September 16, 2025
0

Charli D’Amelio posted her first TikTok at 15. Quick-forward a couple of years and she or he’s incomes tens of...

Next Post
Today’s Stock Recommendation: August 2, 2024

Today’s Stock Recommendation: August 2, 2024

Legendary Trader Peter Brandt Exposes Worrying Bitcoin Price Pattern By U.Today

Legendary Trader Peter Brandt Exposes Worrying Bitcoin Price Pattern By U.Today

North Korean Hackers Exploiting Hiring, Vendors, and Support Tickets

North Korean Hackers Exploiting Hiring, Vendors, and Support Tickets

September 18, 2025
US revokes visas for Indian executives over fentanyl allegations | Drugs News

US revokes visas for Indian executives over fentanyl allegations | Drugs News

September 18, 2025
NBA star Kevin Durant can’t unlock his Coinbase bitcoin account

NBA star Kevin Durant can’t unlock his Coinbase bitcoin account

September 18, 2025
Accelerate asset monetisation in railways, roads: Sebi chief Tuhin Kanta Pandey

Accelerate asset monetisation in railways, roads: Sebi chief Tuhin Kanta Pandey

September 18, 2025
This Core i7-powered Lenovo RTX 5060 laptop is 5 off right now

This Core i7-powered Lenovo RTX 5060 laptop is $225 off right now

September 18, 2025
Goldman Sachs Small Cap Growth Insights Fund Q2 2025 Commentary

Goldman Sachs Small Cap Growth Insights Fund Q2 2025 Commentary

September 18, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

North Korean Hackers Exploiting Hiring, Vendors, and Support Tickets

US revokes visas for Indian executives over fentanyl allegations | Drugs News

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In