OCBC Reports Rise in First-Quarter Net Profit, Makes S$1.4 Bln Offer for Insurance Arm

Dow Jones05-10

By Amanda Lee

Oversea-Chinese Banking Corp. said its first-quarter net profit rose mainly due to higher income from trading and fees and announced a 1.4 billion Singapore dollars (US$1.04 billion) privatization offer for its insurance arm.

Profit for the period ended March rose 5.0% on year to S$1.98 billion, with total income gaining 8.0% on year to S$3.63 billion, OCBC said Friday.

While net interest income rose 4% on year to S$2.44 billion, non-interest income was up 17% to S$1.19 billion.

During the first quarter, the bank's total allowances were S$169 million, up from S$110 million, mainly due to impairment charges.

"Our key markets in Asia are expected to be resilient, benefiting from increasing capital flows and supply chain diversification," the bank's Chief Executive Officer Helen Wong said.

She, however, warned of near-term risks due to geopolitical tensions.

Separately, OCBC said it was making a cash offer of S$25.60 a share to buy shares of Great Eastern Holdings that it doesn't already own. The offer is a 36.9% premium to Great Eastern's last traded price of S$18.70.

OCBC, which already owns a 88.44% stake in the insurance company, will finance the purchase through internal cash reserves.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

May 09, 2024 20:40 ET (00:40 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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