Oversea-Chinese Banking Corporation Ltd

XMUN:OCBA

Record profit: OCBC posted record quarterly net profit of SGD 2.2 billion, up 22% year on year, and crossed SGD 2 billion of quarterly profit for the first time.

Noninterest strength: Higher fees, trading and investment income, and insurance income more than offset slightly lower net interest income as total income hit a new high of SGD 4.17 billion.

Wealth and insurance: Wealth management income reached a record SGD 3.29 billion in the first half, while Great Eastern profit contribution rose 44% to SGD 794 million.

Guidance raised: Management lifted full-year loan growth guidance to the high single-digit to low double-digit range and said credit costs should land at the lower end of the earlier 20 to 25 basis point range.

Capital and payout: OCBC maintained a strong capital position, declared an interim dividend of SGD 0.47, and said it remains on track to complete the remaining SGD 2.5 billion capital return plan by FY26.

Wealth momentum: Net new money inflows remained strong at SGD 6 billion in the quarter, with management saying the pipeline is still healthy despite more cautious market sentiment in July.