OCBC Group Reports Quarter 2 2017 Results
OCBC Group reported a net profit of S$1.08 billion in Q2 2017 and for 1st half 2017, S$2.06 billion.
” OCBC Private Banking AUM increased to US$89 Billion “
Overall wealth management income, comprising income from insurance, private banking, asset management, stockbroking and other wealth management products, grew 51% to S$1.51 billion, from S$1.00 billion a year ago.
Wealth management contributed 33% to OCBC Group income, higher as compared with 24% in 1H16. OCBC’s private banking business continued to achieve strong growth, as reflected by an increase in assets under management to US$89 billion (S$123 billion) as at 30 June 2017, up 47% from US$61 billion (S$82 billion) the previous year, partly contributed by the acquisition of Barclays WIM
Commenting on the Group’s performance and outlook, CEO Samuel Tsien said:
“Strong business momentum was achieved across all three business pillars – banking, wealth management and insurance. Income growth was broad-based, lending activities were up, AUM continued to rise, and underlying insurance business growth continued. OCBC Group maintained its healthy capital, funding and liquidity positions, and the overall loan portfolio remained sound, with the NPL ratio stable over the last three quarters.
Stronger consumer sentiments were noted in key economies, but overall economic growth in the region is expected to only be moderate and event risks remain. We will pursue prudent business growth, focusing on our key markets and core business lines.”
News Source: OCBC Press Release
OCBC (SGX:O39) is the longest established Singapore bank — it was born out of the Great Depression through the consolidation of three banks in 1932: the Chinese Commercial Bank Limited (incorporated in 1912), the Ho Hong Bank Limited (incorporated in 1917) and the Oversea-Chinese Bank Limited (incorporated in 1919). It operates its banking business as OCBC Bank, Bank OCBC NISP, OCBC Wing Hang China, OCBC Al-Amin, and Bank of Singapore in over 18 countries and territories.
- Origin : Singapore
- Assets : SGD 390.19 billion
- Revenue : SGD 8.72 billion
- Employees : 29,000
Official Website: www.ocbc.com
News & Media: Press Release
Updated on 8th August 2016