Oversea Chinese Banking : First Half 2023 Results Presentation (1MB)
August 03, 2023 at 07:19 pm EDT
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First Half 2023 Results Presentation
Goh Chin Yee, Group Chief Financial Officer 4 August 2023
OCBC Financial Results
Agenda
Financial Highlights
Group Net Profit
Group Performance Trends
Notes:
- Certain comparative figures have been restated to conform with the current period's presentation;
- Amounts less than S$0.5m are shown as "0";
- "nm" denotes not meaningful;
- "na" denotes not applicable;
2
- Figures may not sum to stated totals because of rounding.
Financial Highlights
3
Record 1H23 profit drove ROE above 14%
Performance highlights
Group
S$3.59b
+38% YoY
Net Profit
Banking
Operations
S$3.23b
+33% YoY
Net Profit
Total Income
YoY
S$6.80b
+30%
Net Interest Income (NII)
+48%
Non-Interest Income (Non-II)
+3%
Operating Expenses
S$2.57b
+5%
Net Interest Margin
2.28%
+65bps
Credit Costs
21bps
+14bps
Customer Loans
■ NII up 48% on asset growth
and strong NIM expansion
■ Non-II up, driven by trading,
investment and insurance
income
■ Expenses higher from
continued investments in
talent and technology to
support growth
■ CIR lower at 37.8% on
positive operating jaws
Dividend
40 cents
EPS S$1.60
(annualised)
ROE 14.3%
(annualised)
+43% YoY
+39% YoY
+3.9 ppt YoY
S$297b
(in constant currency terms) +2%
Customer Deposits
S$372b
+7%
NPL Ratio
1.1%
-0.2ppt
CET1 CAR
15.4%
+0.5ppt
All-ccy LCR
158%
+10ppt
■ Credit costs rose to 21bps,
led by higher general
allowances
■ Loans and deposits up YoY
■ NPL ratio lower at 1.1%
■ Strong funding, liquidity and
capital positions maintained
■ Interim dividend of 40 cents,
up 12 cents YoY
4
1H23 Financial highlights
Banking
Wealth Management
Performance highlights
Net Profit (S$m)
NII and Fee Income (S$m)
WM Income (S$m)1/
WM AUM (S$b)
■ Resilient performance
+33%
3,228
2,419
+34%
5,486
4,105
31% 33%
+36%
2,240
1,645 682
451
1,194 1,559
1H22 1H23
+10%
+2%
250
270
274
Jun 22
Mar 23
Jun 23
across three key business
pillars
■
Record WM income drove
Group income higher YoY
■
QoQ and YoY rise in AUM
1H22
1H23
1H22
1H23
Banking Insurance As % of Group income
driven by continued net
new money inflows
Customer Loans (S$b)
Customer Deposits (S$b) and CASA ratio
Insurance
■ Insurance TWNS and
(in constant currency terms)
+2%
+0.3%
298
294
297
Jun 22
Mar 23
Jun 23
60.9%
47.1%
45.3%
+7%
+2%
349
367
372
Jun 22
Mar 23
Jun 23
Total Weighted New Sales (S$m)
-31%
1,052
726
1H22
1H23
New Business Embedded Value (S$m) and Margin
37.1% 48.4%
-10%
391
351
1H22
1H23
NBEV down YoY mainly
due to slower single
premium sales which
offset higher regular
premium sales; NBEV
margin improved due to
favourable product mix
1/ Wealth Management income comprises the consolidated income from insurance, private banking, premier private client, premier banking, asset management and stockbroking.
OCBC - Oversea-Chinese Banking Corporation Ltd. published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 23:16:32 UTC.
Oversea-Chinese Banking Corporation Limited (the Bank) is engaged in the business of banking, life insurance, general insurance, asset management, investment holding, futures and stockbroking. Its segments include Global Consumer/Private Banking, Global Wholesale Banking, Global Treasury and Markets, Insurance, and Others. The Global Consumer/Private Banking segment provides a range of deposit products, consumer loans, credit cards, wealth management products and brokerage services. The Global Wholesale Banking segment offers financing solutions, including long-term project financing, short-term credit, working capital and trade financing. The Global Treasury and Markets segment engages in foreign exchange activities, money market operations, fixed income, and derivatives trading, and offers structured treasury products and financial solutions. The Insurance segment provides both life and general insurance products to its customers, mainly in Singapore and Malaysia.