Income growth outpaced the increase in operating expenses, which drove an improvement in cost-to-income ratio (CIR) to 37.1%, while credit costs decreased to 16 basis points (bps).
Oversea-Chinese Banking Corporation Limited (OCBC) has reported net profit of $1.98 billion for 1QFY2024 ended March 31, 22% higher q-o-q and 5% higher y-o-y, beating Street expectations.
Q-o-q growth was driven by total income rising to a new quarterly high, strict cost discipline and lower allowances, says the bank on May 10.
