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OCBC Q2 net profit rises 1% YOY on higher banking revenue

Oversea-Chinese Banking Corp. Ltd. said net profit for the second quarter rose 1% to S$1.22 billion from S$1.21 billion in the prior-year period, as earnings from its banking franchise more than offset lower income contributions from its insurance subsidiary Great Eastern Holdings Ltd.

During the period, net interest income rose 10% to S$1.59 billion from S$1.45 billion, and noninterest income increased 1% to S$1.03 billion from S$1.02 billion. The group booked an operating profit of S$1.47 billion, up 2% from S$1.44 billion in the year-ago quarter.

Excluding allowances, operating expenses rose 11% to S$1.15 billion from S$1.04 billion. Allowances jumped to S$111 million from S$21 million a year earlier.

The group's net interest margin for the second quarter increased to 1.79% from 1.76% in the first quarter, and from 1.67% in the second quarter of 2018. For the first half, the NIM rose to 1.78% from 1.67% in the prior-year period.

OCBC said its nonperforming loan ratio in the second quarter was 1.47%, compared to 1.50% in the first quarter and 1.38% in the second quarter of 2018.

Its common equity Tier 1 ratio climbed to 14.4% as of June 30 from 14.2% as of March 31 and from 13.2% as of June 30, 2018. Its Tier 1 CAR increased to 15.1% from 14.9% as of March 31 and from 14.3% as of June 30, 2018, while its Total CAR rose to 16.8% from 16.7% and from 15.9% over the same three-month and 12-month periods.

OCBC increased its interim dividend to 25 cents per share from 20 cents per share a year earlier.

As of Aug. 1, US$1 was equivalent to S$1.37.