Singapore's OCBC Bank Records 27 Percent Rise In Net Profit For FY 2023

Singapore's Oversea-Chinese Banking Corporation, Ltd. (OCBC Bank) saw its net profit rise 27 percent year-on-year to 7.02 billion Singapore dollars (5.22 billion U.S. dollars) for financial year 2023 (FY23), according to the bank's annual report released Wednesday

SINGAPORE, (UrduPoint / Pakistan Point News - 28th Feb, 2024) Singapore's Oversea-Chinese Banking Corporation, Ltd. (OCBC Bank) saw its net profit rise 27 percent year-on-year to 7.02 billion Singapore dollars (5.22 billion U.S. dollars) for financial year 2023 (FY23), according to the bank's annual report released Wednesday.

The bank's total income for FY23 rose to a new high of 13.5 billion Singapore dollars, lifted by growth across diversified income streams, read the annual report.

The OCBC bank reported 297 billion Singapore dollars in customer loans in the cited year, with a non-performing loan (NPL) ratio at 1.

0 percent.

Despite challenges from monetary policies, persistent inflationary pressure, and rising geopolitical tensions, Asia holds immense growth potential, and the bank will provide adequate buffers to navigate uncertainties with strong capital, liquidity and funding positions, said Helen Wong, CEO of the OCBC, in the annual report. (1 Singapore dollar equals 0.74 U.S. dollars)