Stellar income across the board led Singapore-based OCBC to register a record net profit for the third consecutive year.
In 2024, net profit at OCBC grew 8 percent year-on-year to a record S$7.6 billion ($5.7 billion), according to the bank’s financial results.
Total income rose 7 percent to S$14.5 billion with net interest income, inching 1 percent higher also to a record S$9.8 billion. Non-interest income increased 22 percent to S$4.7 billion with boosts in wealth fees, trading income and insurance income. Operating expenses totaled S$5.7 billion, up 10 percent.
«I am pleased to report that OCBC has delivered a record profit for the third year in a row,» commented OCBC group CEO Helen Wong. «Our well-diversified Banking, Wealth Management and Insurance franchise all contributed to total income reaching an all-time high this year. We effectively managed expenses with continued cost discipline, while strategically investing to drive growth. Our proactive and prudent risk management has kept our portfolio quality healthy and credit costs low.»
