OCBC’s profit up 17pc to RM954m
Published on: Saturday, May 23, 2020
By: Bernama
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Kuala Lumpur: OCBC Bank (M) Bhd and its subsidiaries (OCBC Malaysia) has recorded a 17 per cent rise in net profit to RM954 million for the financial year ended Dec 31, 2019 (FY2019).

In a statement on Friday, the bank said that this was the highest net profit it had ever recorded; underpinned by a strong nine per cent growth in total income, mainly due to higher gains on disposal of financial investments along with net interest income.

“This is despite the 25 basis points cut in the Overnight Policy Rate and, correspondingly, the bank’s base and base lending/financing rates in 2019,” it said.

After deducting proposed dividends, OCBC Malaysia remained well capitalised with Common Equity Tier 1 capital ratio of 14.38 per cent, Tier 1 capital ratio of 15.26 per cent and total capital ratio of 17.83 per cent – sufficient to withstand the challenges of the Covid-19 pandemic, it said.

Chief Executive Officer Datuk Ong Eng Bin said the bank would continue to support its customers through the pandemic via the combined strength of its conventional and Islamic banking franchise as well as in the areas of managing risks, maximising collaboration within its business units and growing its wealth products platform. 


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