Singapore-based Oversea-Chinese Banking Corporation has posted a quarterly high in net profit, in part fueled by a strong increase in trading income.
OCBC’s net profit in the first quarter of 2024 rose 5 percent year-on-year to S$1.98 billion ($1.46 billion), according to the bank’s financial results. This marks a quarterly record high for the Singapore lender.
Total income increased 8 percent to S$3.63 billion with net interest income and non-interest income increasing 4 percent S$2.44 billion and 17 percent to S$1.19 billion, respectively. On the latter, trading income saw the greatest growth at 45 percent to S$370 million. Operating expenses climbed 8 percent to S$1.35 billion.
Wealth Management
Within wealth management, which includes insurance, private banking, premier private client, premier banking, asset management and stockbroking, income reached a record S$1.29 billion. Assets under management grew 4 percent quarter-on-quarter to S$273 billion.
«While some recent economic indicators are looking more favorable, near-term risks remain, such as heightening geopolitical volatility arising from ongoing wars and the outcome of a number of key elections this year,» said OCBC group CEO Helen Wong. «Our key markets in Asia are expected to be resilient, benefitting from increasing capital flows and supply chain diversification.»
