OCBC sweeps 2014 earnings race with 38.8% profit surge

Guess which of the top SG banks reported the smallest increase?

Across Singapore’s top banks, 2014 seemed to be a good year, with each one of them registering a rise in profits.

According to a report by SNL Financial, Singapore’s three largest banks by assets - DBS, UOB and OCBC - saw a 17.9% increase in total net profit in 2014.

According to a report by SNL Financial, the combined net profit attributable to parents of the three companies rose to S$11.14 billion in 2014 from S$9.45 billion in 2013.

OCBC led the group and reported a 38.8% jump in net profit for 2014. Excluding a one-time gain of S$391 million related to the group's increased ownership in Ningbo, China-based Bank of Ningbo Co. Ltd. in 2014, core net profit after tax grew 25% year over year. The group's full-year results included the consolidation of OCBC Wing Hang Bank Ltd. since July 2014, when the group acquired a majority stake in the Hong Kong-based bank. Excluding the one-time gain and the consolidation of OCBC Wing Hang, the group's core net profit after tax grew 22% year over year.

Meanwhile, United Overseas Bank reported the smallest increase in 2014 profits at 8%. The bank reported an increase in its NPL ratio during the year to 1.18% from 1.14% in 2013.