OCBC Profit Misses, DBS Layoffs: What’s the Outlook for 3 Major Banks?
@Tiger_SG:
$ocbc bank(O39.SI)$ dropped 2% today following the release of its earnings report. While OCBC remains a top performer, its rivals performed better.For the full year 2024, the bank's net profit reached S$7.59 billion, an 8% yoy increase. However, Q4 net profit was S$1.69 billion, a 4% yoy increase, which missed analysts’ expectations of S$1.81 billion (a 6.6% miss), making OCBC the only one of Singapore’s three major banks to fall short of expectations. This stands in stark contrast to $DBS Group Holdings(D05.SI)$ (+10% met expectations) and $UOB(U11.SI)$ (+9% exceeded expectations).For the full year, net interest income hit a record high of S$9.76 billion (