Singapore's OCBC posts record Q1 profit, lifts margin guidance for 2024
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Singapore's second-largest bank, Oversea-Chinese Banking Corp (OCBC), reported a 5% rise in Q1 profit, beating expectations. The bank forecasted its net interest margin for the full year to be at the higher end of a 2.20% to 2.25% range. OCBC also maintained its 2024 targets of low single-digit loan growth, credit costs between 20 to 25 basis points, and a 50% dividend payout ratio. The bank's return on equity for Q1 was 14.7%. OCBC's strong performance follows the trend of other Singapore banks that have exceeded market expectations in the first quarter.

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https://www.investing.com/news/economy/singapores-ocbc-posts-record-q1-profit-lifts-margin-guidance-for-2024-3433503