Singapore-based OCBC bank has posted a 15%
increase in net profit to S$2.25bn ($1.76bn) for fiscal 2010,
despite operating costs rising by a quarter to S$2.3bn.
Total assets as of 31 December 2010 were
S$229.3bn, 18% higher compared to a year ago.
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Group non interest income was up 20% to
S$3.37bn; net interest income rose by 4% to S$2.94bn.
The group’s net interest margin fell from
2.23% to 1.98%.
The group cost-income ratio rose from 37.3% in
fiscal 2009 to 42.3% in 2010.
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By GlobalDataFiscal 2010 highlights
included:
- At group level, customer deposits increased by 23% year-on-year
to S$123.3bn; - Current accounts grew 53% to S$31.7bn in fiscal 2010;
- Savings deposits increased by 18% to S$25.6bn;
- The group non performing loans ratio was 0.9% at year-end 2010,
down from 1.7% in the previous year.
In Malaysia, the bank’s second largest market,
net income for the full year rose by 16% to RM706m ($223.2m) in the
twelve months to December 2010.
Full year net income at the bank’s subsidiary
in Indonesia, OCBC NISP, was down 26% from the previous fiscal to
RP321bn ($36.34m).
The bank’s business Singapore contributed 68%
to group earnings, while earnings from Malaysia accounted for 27%
of group earnings in 2010.
