OCBC Bank reported a full-year 2024 net profit of SGD 7.59 billion, an increase of 8% on the prior year and a record for the third consecutive year, the Singapore-based group announced on 26 February. Total income exceeded SGD 14 billion for the first time in the bank's history, which the group attributed to a combination of record net interest income and strong fee, wealth management, and insurance performance across its Singapore, Greater China, Malaysia, and broader ASEAN markets.
Net interest income reached a record SGD 9.76 billion for the year. Fourth-quarter net profit of SGD 1.69 billion was 4% higher than the same period a year earlier.
WEALTH MANAGEMENT AND INSURANCE
OCBC reported record fee income from wealth management.
Insurance contributed to 2024 earnings through Great Eastern, OCBC's listed insurance subsidiary.
SGD 2.5 BILLION SHAREHOLDER RETURN PLANNED
OCBC announced plans to return SGD 2.5 billion to shareholders through a combination of special dividends and share buybacks. The capital return will be made over 2025 and 2026, the bank said in its results announcement.