OCBC Q4 Profit Slips 14% to $973 Million on Higher Expenses

The Straits Times2022-02-23

SINGAPORE - OCBC Bank posted on Wednesday (Feb 23) a decline in fourth-quarter earnings due to higher expenses and lower trading income.Singapore's second-largest lender saw net profit fall 14 per ...

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Comments

TitusJaw
2022-02-23
TitusJaw
Thanks for sharing
we14un
2022-02-23
we14un
Gg
Dazz
2022-02-23
Dazz
Severely underperforming as compared to the other two banks. A higher dividend is insufficient to satisfy the shareholders.
Tigerwong
2022-02-23
Tigerwong
Expect a better than peer performance in the next quarter, potential write back of allowances will probably be the game changer.
Jloong
2022-02-23
Jloong
[Happy]
Invest 1 2 3
2022-02-23
Invest 1 2 3
[Smile]

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The scrip dividend scheme will not be applicable to the final dividend.Together with the interim dividend of 25 cents a share, the total dividend for last year will be 53 cents.OCBC's net interest income rose 4 per cent to $1.49 billion amid asset growth, while net interest margin - a key gauge of lenders' profitability - slipped 4 basis points to 1.52 per cent from lower asset yields.Non-interest income edged up 1 per cent to $1.06 billion, driven by a growth in fee income growth and higher profit from life insurance.It was offset by a 42 per cent fall in trading income to $152 million.Operating expenses were 15 per cent higher at $1.29 billion, led by an increase in staff costs linked to \"strategic expansion and business activity growth\", and the absence of government job support grants in the quarter, said OCBC.The bank said higher staff costs last year were linked to headcount growth as the group continued to invest in digitalisation and wealth management.Meanwhile, it set aside fourth-quarter allowances of $317 million, compared with $285 million a year ago, amid project financing delays due to pandemic-induced supply chain disruptions in Greater China and other overseas markets.Total non-performing assets stood at $4.34 billion as at Dec 31, up from $4.01 billion a year ago and slightly above $4.24 billion in the third quarter.OCBC was the only local bank whose allowances increased in the fourth quarter. Its results wrap up local lenders' earnings season, with DBS and UOB posting earnings that topped expectations last week.Group chief executive Helen Wong said the bank is back to pre-pandemic profitability levels, supported by a solid balance sheet, diversified funding base and continued investment in people and technology.\"We achieved good momentum across our customer franchise and reported record wealth management and fee-based income, and broad-based loan and insurance sales growth,\" she said.She said OCBC is cautiously optimistic that the operating environment will improve, and will work towards capturing opportunities arising from Asia's growth and trends accelerated by the pandemic.The lender's fourth quarter earnings were 20 per cent lower than the previous quarter's $1.22 billion.Its full-year net profit, however, rose 35 per cent to $4.86 billion on the back of growth in non-interest income and lower allowances, which offset a decline in net interest income amid the low interest rate environment.Net fee income rose 12 per cent to a new high of $2.25 billion due to higher transaction volumes and a growth in customer activities.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9030964187,"gmtCreate":1645610830209,"gmtModify":1676534045168,"author":{"id":"3586673154932905","authorId":"3586673154932905","name":"TitusJaw","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3586673154932905","authorIdStr":"3586673154932905"},"htmlText":"Thanks for sharing","listText":"Thanks for sharing","text":"Thanks for sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030964187","repostId":2213968301,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9030052218,"gmtCreate":1645584571951,"gmtModify":1676534042959,"author":{"id":"3576534560127185","authorId":"3576534560127185","name":"we14un","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3576534560127185","authorIdStr":"3576534560127185"},"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030052218","repostId":2213968301,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9030022003,"gmtCreate":1645583171632,"gmtModify":1676534042725,"author":{"id":"3580043263355101","authorId":"3580043263355101","name":"Dazz","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3580043263355101","authorIdStr":"3580043263355101"},"htmlText":"Severely underperforming as&nbsp;compared to the other two banks. A higher dividend is insufficient to satisfy the shareholders.","listText":"Severely underperforming as&nbsp;compared to the other two banks. A higher dividend is insufficient to satisfy the shareholders.","text":"Severely underperforming as compared to the other two banks. A higher dividend is insufficient to satisfy the shareholders.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030022003","repostId":2213968301,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9030020843,"gmtCreate":1645582082545,"gmtModify":1676534042578,"author":{"id":"4103505618857970","authorId":"4103505618857970","name":"Tigerwong","avatar":"https://static.itradeup.com/news/117d896e04ecaa5155e012726668c759","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"4103505618857970","authorIdStr":"4103505618857970"},"htmlText":"Expect a better than peer performance in the next quarter, potential write back of allowances will probably be the game changer.","listText":"Expect a better than peer performance in the next quarter, potential write back of allowances will probably be the game changer.","text":"Expect a better than peer performance in the next quarter, potential write back of allowances will probably be the game changer.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030020843","repostId":2213968301,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9030065918,"gmtCreate":1645581504934,"gmtModify":1676534042508,"author":{"id":"3582461179498852","authorId":"3582461179498852","name":"Jloong","avatar":"https://static.tigerbbs.com/c4b2ad914ca2d224c8a40f6783470de6","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":4,"crmLevelSwitch":1,"idStr":"3582461179498852","authorIdStr":"3582461179498852"},"htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030065918","repostId":2213968301,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9030016267,"gmtCreate":1645578051859,"gmtModify":1676534041858,"author":{"id":"4101782536444960","authorId":"4101782536444960","name":"Invest 1 2 3","avatar":"https://static.tigerbbs.com/e255a41820d65b457e18cff64198ac63","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":4,"crmLevelSwitch":0,"idStr":"4101782536444960","authorIdStr":"4101782536444960"},"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030016267","repostId":2213968301,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":45,"commentSize":6,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2213968301"}