OCBC Q2 profit rises 22% to S$2.22 billion, beating expectations
OCBC Bank has increased its full-year loan growth guidance following a record-breaking second quarter with a 22% profit jump. Strong results in wealth management and trading helped the bank overcome the impact of lower interest rates.
Why it matters
This financial update provides insight into how major banks are navigating interest rate fluctuations and diversifying income streams in the current economic climate.
Higher guidance comes as wealth, trading and insurance offset pressure from lower interest rates
[SINGAPORE] OCBC has raised its full-year loan growth guidance after a stronger-than-expected first half, as continued momentum in wealth management and corporate lending helped offset lower interest rates.
The bank now expects loan growth of high-single digits to low-double digits, up from its previous forecast of mid-single-digit growth. It also expects total income to grow year on year despite a slight decline in net interest income.
The upgraded outlook came as OCBC on Friday (Aug 7) reported a record second-quarter net profit of S$2.22 billion, up 22 per cent from a year earlier and above the S$1.91 billion consensus forecast in a Bloomberg survey of five analysts.
Profit before tax rose 20 per cent to S$2.76 billion as total income climbed 18 per cent to a record S$4.17 billion.
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