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Singapore’s second-largest bank, Oversea-Chinese Banking Corp (OCBC), announced a S$2.5 billion ($1.87 billion) capital return alongside record 2024 earnings but cautioned about global trade risks stemming from U.S. tariffs and economic uncertainty.
Despite resilient Southeast Asian economies, OCBC Group CEO Helen Wong emphasized the bank’s commitment to growth amid market volatility. However, OCBC was the only major Singapore bank to miss analyst forecasts, reporting a 4% year-on-year rise in Q4 net profit to S$1.69 billion, below the expected S$1.81 billion. Shares fell 2.8% on Wednesday, underperforming the market.
The bank expects mid-single-digit loan growth in 2025, lower than 2024’s 8%, and projects a decline in net interest margin to around 2% due to anticipated U.S. Federal Reserve rate cuts. Additionally, OCBC will defer redevelopment of its Chulia Street property in Singapore’s central business district.
OCBC’s capital return plan includes special dividends worth 10% of 2024 and 2025 net profit, with additional share buybacks over two years. Competitors DBS Group and United Overseas Bank (UOB) also announced robust earnings and capital returns, driving their shares to record highs.
Market analysts caution that U.S. trade policies, particularly Trump’s proposed tariffs, could impact Singapore’s economy indirectly through key trade partners such as China and the Eurozone. However, Singapore’s trade position with the U.S. may help shield it from direct effects.
OCBC remains focused on long-term growth despite economic challenges, positioning itself among Southeast Asia’s top financial institutions.
