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Author: kimeng   |   Latest post: Wed, 21 Aug 2019, 9:28 AM

 

OCBC: 2Q Earnings of S$1.22b Vs Consensus of S$1.19b

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OCBC posted 2Q19 net earnings this morning of S$1.22b, above consensus of S$1.19b. Net Interest Income rose 10% YoY and 4% QoQ to S$1.59b, while Non-interest Income rose 1% YoY and -10% QoQ to S$1.03b.

Allowances increased from S$21m in 2Q18 to S$111m in 2Q19, but this was a decline from S$249m in 1Q19. Net Interest Margin (NIM) improved from 1.67% in 2Q18 and 1.76% in 1Q19 to 1.79% in 2Q19.

Management has declared an interim dividend of 25 cents (up from 20 cents in 2Q18). The scrip dividend scheme will be applicable to the interim dividend. The ex-date is 15 Aug 2019. The dividend will be paid on 3 Oct 2019.

Source: OCBC Research - 2 Aug 2019

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Labels: OCBC Bank

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