Half Year 2026 Oversea-Chinese Banking Corporation Ltd Earnings Call Transcript
Key Points
- Record quarterly net profit of SGD2.2 billion, up 22% year-on-year, with ROE at 14.4%.
- Strong non-interest income growth of 51% year-on-year, driven by broad-based growth in fees, trading, and insurance income.
- Robust loan growth of 11% year-on-year and deposit growth of 13%, with a strong pipeline in strategic sectors.
- Wealth management income reached a new high, with net new money inflows of SGD11 billion in the first half and AUM up 13% year-on-year.
- Improved cost-to-income ratio to 37.8% and maintained sound asset quality with NPL ratio stable at 0.9%.
- Net interest income declined 1% year-on-year due to lower interest rates, with NIM compressing to 1.70%.
- Higher wholesale funding costs and increased wholesale funding to support loan growth pressured NIM.
- New NPA formation from two Greater China corporate real estate accounts, leading to higher allowances for impaired assets.
- Operating expenses increased 10% year-on-year due to higher performance-related remuneration and technology investments.
- Management expects loan growth to moderate in the second half, and customer investment activity has slowed in July due to market volatility.
All right. Good morning, everyone. Welcome to OCBC's second-quarter first half 2026 results briefing. On our panel this morning, we have our Group CEO, Mr. Tan Teck Long; and our Group CFO, Ms.
Goh Chin Yee. To their left and right, I shall start from Jason, Jason Moo, our CEO of Bank of Singapore; Mr. Sunny Quek, the Head of Global Consumer Financial Services. And then right to the other end, we have Mr. Greg Hingston joining us from Great Eastern, the CEO of Great Eastern. And last but not least, we have Mr. Kenneth Lai, our Head of Global Markets. Chin Yee will start with the presentation, and thereafter, we will have Teck Long sharing with us some of his thoughts before we take Q&A.
Chin Yee, please.
Good morning to all. Welcome, and thank you for joining OCBC's first half 2026 results briefing. OCBC delivered a record group net
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