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February 25, 2011updated 04 Apr 2017 1:08pm

OCBC FY10 net profit up 15%

Singapore-based OCBC bank has posted a 15% increase in net profit to S$2.25bn ($1.76bn) for fiscal 2010, despite operating costs rising by a quarter to S$2.3bn in 2010 as a result of the consolidation of Bank of Singapore and business expansion.

By Duygu Tavan

Singapore-based OCBC bank has posted a 15% increase in net profit to S$2.25bn ($1.76bn) for fiscal 2010, despite operating costs rising by a quarter to S$2.3bn.

Total assets as of 31 December 2010 were S$229.3bn, 18% higher compared to a year ago.

Group non interest income was up 20% to S$3.37bn; net interest income rose by 4% to S$2.94bn.

The group’s net interest margin fell from 2.23% to 1.98%.

The group cost-income ratio rose from 37.3% in fiscal 2009 to 42.3% in 2010.

 

Fiscal 2010 highlights included:

  • At group level, customer deposits increased by 23% year-on-year to S$123.3bn;
  • Current accounts grew 53% to S$31.7bn in fiscal 2010;
  • Savings deposits increased by 18% to S$25.6bn;
  • The group non performing loans ratio was 0.9% at year-end 2010, down from 1.7% in the previous year.

In Malaysia, the bank’s second largest market, net income for the full year rose by 16% to RM706m ($223.2m) in the twelve months to December 2010.

Full year net income at the bank’s subsidiary in Indonesia, OCBC NISP, was down 26% from the previous fiscal to RP321bn ($36.34m).

The bank’s business Singapore contributed 68% to group earnings, while earnings from Malaysia accounted for 27% of group earnings in 2010.

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