OCBC’s 4Q2022 Results Below Expectations | 24 February 2023 | Daily Morning Note

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OCBC’s 4Q2022 results were lower than expectations with net profit of S$1.31bn vs our estimate of S$2.03bn. This was mainly due to net interest income growth of 34% YoY (S$2.39bn), NIM growth of 79bps YoY to 2.31% and loans growth of 2% YoY (S$295bnn) offset by non-interest income dipping 42% YoY (S$615mn). 4Q22 dividend is up 43% YoY to 40 cents, total FY22 dividend at 68 cents (+28% YoY).

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