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4-Traders Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Oversea-Chinese Banking Corp. Limited    OCBC   SG1S04926220

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Oversea Chinese Banking : OCBC Malaysia FY15 net profit up 6% on higher fee income

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04/29/2016 | 06:01am CEST

OCBC Bank (Malaysia) Bhd and its subsidiaries (OCBC Malaysia) saw their net profit rise 6% to RM883 million for the financial year ended Dec 31, 2015 (FY15) from the previous year, amid the global financial crisis.

In a statement today, OCBC Malaysia said operating profit jumped 7% to RM1.5 billion in FY15 from RM1.4 billion in FY14, while total income rose 7% year-on-year (y-o-y) to RM2.48 billion, driven by higher fee income and Islamic banking income.

Operating expenses also increased by 8% to RM1 billion in FY15, as it increased the number of branches in the country to 45.

"Despite the global economic conditions during 2015, total gross loans, advances and financing grew 9% y-o-y to RM68 billion mainly from housing loans or financing and non-small and medium enterprise (SME) business loans or financing activities," said OCBC Malaysia.

Its non-performing loans, advances and financing (NPL) ratio remained at 2% in FY15.

OCBC Malaysia chief executive officer Ong Eng Bin said despite 2015 being a difficult year due to the effects of the global financial crisis, the bank turned in a strong performance, underscored by a well-balanced credit underwriting framework.

Both the business banking and consumer financial services units of OCBC Bank continued to record robust growth and we are particularly pleased with the broad-based growth in net interest or finance income arising from higher loans or financing growth across various industries and stable net interest or finance margins," he said.

"We made good strides in consumer banking, wealth management, treasury and investment banking, and also deepened our market penetration in the commercial and corporate banking business.

"Our Islamic banking business continued to perform well with record profit growth," Ong added.

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(c) 2016 Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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