OCBC posted a record net profit for 2022 as revenues were significantly boosted by rising interest rates.
OCBC's net profit grew 18 percent to S$5.7 billion ($4.2 billion) in 2022 – a record high – according to the bank’s annual report.
Total income increased 10 percent to S$11.7 billion, driven primarily by a 31 percent surge in net interest income to S$7.7 billion. Higher staff and IT-related costs led to a 5 percent increase in operating expenses to S$5 billion.
«I am delighted that the steady execution of our strategic priorities has yielded positive results and we have delivered record earnings, which crossed the S$5 billion mark for the first time,» said OCBC group CEO Helen Wong. «Looking ahead, our key markets in Asia are expected to remain resilient, and growth is forecasted to outpace the global average in 2023.»
