Oversea Chinese Banking : First Half 2023 Unaudited Interim Financial Statements (591KB)

To Our Shareholders

The Board of Directors of Oversea-Chinese Banking Corporation Limited ("OCBC") reports the following:

Unaudited Financial Results for the Half Year Ended 30 June 2023

Details of the financial results are in the accompanying Unaudited Condensed Interim Financial Statements.

Ordinary Dividend

An interim tax-exempt dividend of 40 cents (1H22: 28 cents) per share has been declared for the first half year 2023 ("1H23"). The interim dividend payout will amount to an estimated S$1,798 million (2022: S$1,258 million) or approximately 50% of the Group's net profit after tax of S$3.59 billion for 1H23.

Closure of Books

The record date is 15 August 2023. Please refer to the separate announcement titled "Notice of Books Closure and Payment of Interim One-Tier Tax Exempt Dividend on Ordinary Shares for the Financial Year Ending 31 December 2023" released by the Bank today.

Scrip Dividend Scheme

The Oversea-Chinese Banking Corporation Limited Scrip Dividend Scheme, which was approved by the Shareholders of the Bank at the Extraordinary General Meeting on 8 June 1996, will not be applicable to the interim dividend.

Peter Yeoh

Secretary

Singapore, 4 August 2023

More details on the results are available on the Bank's website at www.ocbc.com

Oversea-Chinese Banking Corporation Limited and its Subsidiaries

Unaudited Condensed Interim Financial Statements

For the Half Year ended 30 June 2023

Incorporated in Singapore

Company Registration Number: 193200032W

CONTENTS

Unaudited Condensed Interim Financial Statements

Unaudited Consolidated Income Statement	2
Unaudited Consolidated Statement of Comprehensive Income	3
Unaudited Balance Sheets	4
Unaudited Statement of Changes in Equity - Group	5
Unaudited Statement of Changes in Equity - Bank	7
Unaudited Consolidated Cash Flow Statement	8
Notes to the Unaudited Condensed Interim Financial Statements	9
Other Information Required by Listing Rule Appendix 7.2	27
Attachment: Confirmation by the Board

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OVERSEA-CHINESE BANKING CORPORATION LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONSOLIDATED INCOME STATEMENT

For the half year ended 30 June 2023

GROUP

S$ million	Note	1H 2023	1H 2022
			(Restated)
Interest income		9,846	4,164
Interest expense		(5,119)	(961)
Net interest income	3	4,727	3,203
Insurance service results from life insurance	4	358	622
Net investment and finance income/(expense) from life insurance (1)		128	(181)
Insurance service results from general insurance		14	13
Fees and commissions (net)	5	883	999
Dividends		69	57
Net trading income		513	492
Other income	6	113	18
Non-interest income		2,078	2,020
Total income		6,805	5,223
Staff costs		(1,753)	(1,613)
Other operating expenses	7	(820)	(845)
Total operating expenses		(2,573)	(2,458)
Operating profit before allowances and amortisation		4,232	2,765
Amortisation of intangible assets		(51)	(52)
Allowances for loans and other assets	8	(362)	(116)
Operating profit after allowances and amortisation
	3,819	2,597
Share of results of associates, net of tax		510	499
Profit before income tax
	4,329	3,096
Income tax expense		(662)	(454)
Profit for the period
	3,667	2,642
Profit attributable to:		3,589	2,592
Equity holders of the Bank
Non-controlling interests		78	50
		3,667	2,642
Earnings per share (S$)		0.79
Basic		0.57
Diluted		0.79	0.57

1. Comprising net investment income/(loss) of S$2,625 million (1H 2022: (S$5,492) million) and insurance finance (expense)/income
   of (S$2,497) million (1H 2022: S$5,311 million).

The accompanying notes form an integral part of these unaudited condensed interim financial statements.

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OVERSEA-CHINESE BANKING CORPORATION LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the half year ended 30 June 2023

GROUP

S$ million	1H 2023	1H 2022
		(Restated)
Profit for the period	3,667	2,642
Other comprehensive income:
Items that may be reclassified subsequently to income statement:
Financial assets, at FVOCI (1)	231	(2,125)
Fair value gains/(losses) for the period
Reclassification of (gains)/losses to income statement	(22)	126
- on disposal
- on impairment	8	5
Tax on net movements	(51)	147
Cash flow hedges	(22)	(4)
Currency translation on foreign operations	(110)	(41)
Other comprehensive income of associates	(101)	(115)
Net insurance finance (expense)/income	(226)	552
Items that will not be reclassified subsequently to income statement:	36	(10)
Currency translation on foreign operations attributable to non-controlling interests
Equity instruments, at FVOCI (1), net change in fair value	36	(203)
Defined benefit plans remeasurements	2	1
Own credit	(#)	1
Total other comprehensive income, net of tax	(219)	(1,666)
Total comprehensive income for the period, net of tax	3,448	976
Total comprehensive income attributable to:	3,331	1,003
Equity holders of the Bank
Non-controlling interests	117	(27)
	3,448	976

1. Fair value through other comprehensive income.
2. # represents amounts less than S$0.5 million.

The accompanying notes form an integral part of these unaudited condensed interim financial statements.

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