OCBC Bank H1 Earnings Rise

Oversea-Chinese Banking Corp. Ltd. or OCBC Bank (OCBC.SI,O39.SI), on Wednesday posted a rise in profit for the first-half, driven by higher net interest income and lower allowances. In addition, the lender has raised its interim dividend by 12 percent.

For the six-month period, the Singapore-headquartered company posted a Group net profit of S$2.837 billion, compared with S$2.661 billion a year ago. Total income was at S$5.522 billion, higher than S$5.486 billion last year.

Operating profit before allowances fell to S$3.563 billion, from last year's S$3.621 billion.

The bank posted its allowances at S$116 million, compared with S$393 million recorded for the first half of 2021.

Net interest income moved up 10 percent to S$3.203 billion, from last year's S$2.902 billion. However, non-interest earnings fell 10 percent to S$2.319 billion.

For the second quarter, Group net income stood at S$1.481 billion, up 28 percent from S$1.160 billion in the previous year quarter.

Net interest income was at S$1.700 billion, versus S$1.461 billion, during the corresponding period of 2021. Non-interest earnings also moved up to S$1.179 billion, from S$1.111 billion last year.

The lender has raised its interim dividend by 12 percent to 28 cents from the 25 cents interim dividend declared a year ago.

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