Oversea-Chinese Banking Corporation (O39) AGM 2025 presentation summary

2024 financial highlights

• Achieved record net profit of S$7.59b, up 8% year-on-year, marking the third consecutive year of record profits.

• Total income grew 7% to S$14.5b, with robust net interest income and strong non-interest income, including double-digit growth in wealth-related fees and insurance income.

• Cost-to-income ratio improved to 39.7%, and credit costs remained low at 19 basis points.

• Return on equity reached 13.7%, and CET1 capital adequacy ratio was 15.3% on a fully phased-in basis.

• Earnings per share rose 8% to S$1.67.

Diversified business performance

• Banking net profit grew at a 15% CAGR, with 5% year-on-year growth to S$6.71b.

• Wealth management income rose 13% year-on-year to S$4.89b, with assets under management reaching S$299b.

• Insurance profit contribution increased 39% year-on-year to S$882m, maintaining #1 market share in Singapore.

• Net new money inflows of S$21b in 2024, contributed by all wealth segments.

Shareholder returns and capital management

• Total dividend payout for 2024 was S$1.01 per share, up 23% year-on-year, including a special dividend of 16 cents.

• Announced S$2.5b capital return over two years via special dividends and share buybacks.

• Dividend payout ratio set at 60% for 2024 and 2025, with a 50% ordinary and 10% special dividend target.

• Targeting Group CET1 CAR of 14% on a fully phased-in basis.