OCBC’s half-year earnings soared to a new high at $2.04b

Its overseas business injected fat contributions.

OCBC’s markets in China and Indonesia are the bank’s big assets this results season as contributions ballooned 102% and 21% respectively, buoying the group’s profits to $2.04b despite rocketing operational expenses.

Both net interest income and non-interest income also elevated to rarefied air, contributing to the robust first half performance of OCBC.

“Net interest income grew 14% to S$2.53 billion, as compared with S$2.21 billion a year ago, largely from an 18% rise in interest-earning assets. Non-interest income rose 9% from a year ago to S$1.80 billion from S$1.65 billion,” a report from OCBC said.

However, a 9% increase in income from customer flows did not abate the capsizing of the net trading income to $193m from $232m last year.

“Net gains from the sale of investment securities of S$209 million were higher than S$65 million a year ago, mainly from realised investment gains in GEH’s equity portfolio. Profit from life assurance of S$331 million was lower than S$403 million the previous year,” the report explained.