OCBC reports 11% rise in FY18 earnings to S$4.49b on banking ops

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SINGAPORE (Feb 22): Oversea-Chinese Banking Corporation (OCBC Bank) reported earnings of S$4.49 billion for the FY18 ended Dec, up 11% from S$4.05 billion a year ago.

This was driven by record earnings from the group’s banking operations which rose 22% year-on-year, led by income growth, disciplined cost control and lower allowances. The group’s FY18 return on equity increased to 11.5% from 11.0% a year ago.

For 4Q18, the group posted 11% lower earnings of S$926 million from 4Q17 due to a decline in earnings contribution from Great Eastern Holdings (GEH) although net profit after tax from banking operations grew... (Click here to read the full story)