Oversea-Chinese Banking Corporation (OCBC ) has reported a net profit of S$4.15bn ($3.16bn) for the year to end December of S$4.15bn, up 19% from the year ago period (S$3.47bn) boosted by sustained growth across the bank’s three business pillars: banking, wealth management and insurance.
Total income rose 14% over the prior year to exceed S$9.6bn.
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OCBC fiscal 2017 highlights included:
- Net interest income rose 7% year-on-year to S$5.42bn;
- Customer loans increased 8% to S$237bn;
- Non-interest income increased 23% to S$4.21bn;
- Provisions for loans fell by 7% to S$671m, and
- The completion of OCBC’s acquisition of National Australia Bank’s private wealth unit in Singapore and Hong Kong.
OCBC CEO Samuel Tsien said: “Our 2017 results again underscored the solid fundamentals and continued strength of our diversified franchise. Sustained growth momentum across our banking, wealth management and insurance business lines delivered record earnings.
“ Loan growth was broad-based, fee income climbed and insurance sales rose strongly, and we further strengthened our capital, liquidity and funding position.”
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By GlobalData
