OCBC reported a net profit of S$1.94 billion in the second quarter of 2024, an increase of 14% year-on-year. Its interim dividend was raised by 10% to 44 cents. Summary of OCBC's 2Q24 results OCBC reported its results and dividends for the second quarter of 2024 (2Q24).

• 2Q24 net profit grew 13.7% year-on-year, but this was compared with a fairly weaker 2Q23 when higher credit provisions were made.
• On a quarterly trend, 2Q24 net profit came in 1.9% lower than 1Q24 at S$1,944m, due to higher expenses incurred. Total income was flat quarter-on-quarter.
• Interim dividend was raised by 10% to 44 cents, at an unchanged payout ratio of 50%.

Source: OCBC Notwithstanding the 1% increase in gross loans from 1Q24, net interest income dipped 0.3% on lower net interest margin (NIM).  NIM fell for a second quarter to 2.20%, by 0.07% point, a steeper decline than 1Q’s 0.02% point. Loan yields have tightened and the bank is focused on high-quality assets which tend to be lower yielding....