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OCBC's Q4 profit surges by 31% to $1.03b
Net earnings for fiscal year 2017 reached an all time high with $4.15b.
Oversea-Chinese banking Corporation Limited (OCBC Bank) reported a 31% year-on-year (yoy) growth on its fourth quarter ended 31 December (4Q 2017) with $1.03b.
The bank’s net interest income increase by 14% to $1.42b, which is pushed by 11% increase in average interest earning assets and a four basis points increase in net interest margin (NIM) to 1.67%.
Non-interest income grew by 30% to $1.21b. Fees and commissions also jumped by 17%, as a result of higher income from wealth management and investment banking activities.
The bank last November acquired the wealth business of National Australia Bank in Singapore and Hong Kong, which added $2.06b in loans and $2.42b in deposits to the OCBC franchise.
Moreover, the bank’s net profit for fiscal year 2017 reached an all time high with $4.15b, an increase of 19% yoy.
According to OCBC Bank, this is the first time their net profit surpassed a $4b mark. It is pushed by sustained growth momentum on its banking, wealth management, and insurance businesses.
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