- Peak-rate earnings are likely over. Over the past few years, banks around the world enjoyed a rare tailwind: rising interest rates. When rates rise, banks earn more on loans faster than they pay out on deposits. That lifted profitability across Singapore’s banking sector. But that phase is now fading.
Every AGM has two versions.
The first is the official version: slides, speeches, resolutions, dividend declarations.
The second is the version investors should care about: “What management is really signalling about the next few years…”
I attended OCBC’s 89th AGM, where management discussed its FY2025 results, shareholder returns, risk conditions, and a refreshed three-year strategy called Next Frontier.
On the surface, it looked like a routine update. But beneath it, it felt like OCBC telling investors something more important: The easy phase of banking profits may be over, and the bank is quietly preparing for what comes next.
Here is what I took away from the 2026 OCBC annual general meeting.
