Oversea Chinese Banking : First Quarter 2024 CEO Presentation (406KB)

Group Chief Executive Officer Remarks

Helen Wong, Group Chief Executive Officer 10 May 2024

OCBC Financial Results

Results overview

Heading into 2024 with a strong start

• Record quarterly earnings powered by all-time high income
• Robust underlying performance across all key businesses
• NII near previous quarter's record, reflecting active balance sheet management
• Wealth management income at new high, AUM growth backed by NNM inflows
• Maintained strict cost discipline, delivered positive operating jaws
• Sustained loan growth prudently, asset quality and credit costs benign

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Outlook

Confident on year ahead

• Stay vigilant on near-term risks including increasing geopolitical volatility
• Delivering firmly on strategic initiatives, on-track for 2024 targets
• PT Bank Commonwealth Indonesia acquisition completed in May 2024, integration targeted by year end
• Strong balance sheet provides capacity to support franchise growth and achieving higher returns

2024 Targets

• NIM at higher end of 2.20% to 2.25% range if rate cuts less than originally expected
• Low single-digit loan growth
• Credit costs between 20 to 25 bps
• 50% dividend payout target ratio

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Thank you

Disclaimer: This presentation should be read as an overview of OCBC's current business activities and operating environment which may contain statements relating to OCBC's growth strategy and future business aspirations. This presentation contains "forward-looking statements", which are based on current expectations and projections about future events, and include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "plans", "could", "should", "predicts", "projects", "estimates", "foresees" or similar expressions or the negative thereof, as well as predictions, projections and forecasts of the economy or economic trends of the markets, which are not necessarily indicative of the future or likely performance of OCBC, and projections and forecasts of the performance of OCBC, which are not guaranteed. Such forward-looking statements, as well as those included in any other material discussed at the presentation, concern future circumstances and results and involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of OCBC to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions and estimates regarding OCBC and its subsidiaries' present and future business strategies and the environment in which OCBC or the OCBC Group will operate in the future. Forward-looking statements are not guarantees of future performance. These forward-looking statements speak only as at the date of this presentation, and none of the Company or any of its directors, agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any such forward-looking statements to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based or whether in the light of new information, future events or otherwise. Given the aforementioned risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. These statements should not be solely relied upon by investors or potential investors when making an investment decision. OCBC accepts no liability whatsoever with respect to the use of this document or its content.

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