OCBC (SGX: O39) is the last of Singapore’s three big banks to report its first quarter 2024 (1Q 2024) earnings. And the bank did not disappoint. OCBC saw its total income rise to a new quarterly high while net profit hit a record of S$1.98 billion for 1Q 2024. Here are three highlights from the bank’s latest earnings report that investors should know about.

1. Net profit rises to a record high

OCBC’s net interest income (NII) rose 4% year on year in 1Q 2024 to S$2.4 billion, led by a 5% growth in the bank’s average asset base. Funding costs also rose, resulting in a slight year-on-year decline in the lender’s net interest margin (NIM). Non-interest income climbed 17% year on year to S$1.2 billion. Because of these increases, OCBC’s total income increased by 8% year on year to a new quarterly high of S$3.6 billion. Growth in operating expenses kept pace with total income, resulting in profit before allowances improving by 8% year on year to S$2.3 billion....