OCBC’s net profit for the second quarter ended June rose 14 per cent to S$1.94 billion, from S$1.71 billion in the previous corresponding period.
The bank on Friday (Aug 2) said this was underpinned by income growth and a decline in allowances.
The earnings beat the S$1.8 billion consensus forecast in a Bloomberg survey of four analysts.
Net interest income for the quarter inched up 2 per cent on the year to S$2.43 billion from S$2.39 billion. This was led by a 5 per cent increase in average assets, and partially offset by a six basis point drop in net interest margin to 2.2 per cent.
The lender has declared a higher interim dividend of S$0.44 per share for the period, up 10 per cent from S$0.40 the year before. This represents a payout ratio of 50 per cent of the group’s net profit for the first half of fiscal year 2024.
Shares of OCBC ended Thursday down S$0.03 or 0.2 per cent at S$14.82.
