KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 billion on Friday.
Strong Financial Performance
- OCBC Bank reported a record net profit of S$7.59 billion (US$5.68 billion) in 2024, up from S$7.02 billion in 2023.
- Total income surged to S$14.47 billion, driven by:
- Net interest income of S$9.76 billion (up from S$9.65 billion).
- Non-interest income of S$4.72 billion, a significant rise from S$3.86 billion.
Capital Return & Dividends
- OCBC plans to return S$2.5 billion to shareholders over two years via:
- Special dividends worth 10% of net profit for 2024 & 2025.
- Share buybacks.
- Dividends for 2024:
- Final ordinary dividend of 41 Singapore cents per share, bringing total ordinary dividends to 85 cents per share.
- Special dividend of 16 cents per share, pending approval at the 2025 Annual General Meeting (AGM).
Outlook & CEO’s Remarks
- CEO Helen Wong remains "cautiously optimistic" about regional growth in 2025.
- OCBC aims to capitalize on market opportunities while managing economic uncertainties.
Summary:
- OCBC posted a record S$7.59 billion net profit in 2024, fueled by strong banking, wealth management, and insurance income.
- S$2.5 billion capital return planned through special dividends & share buybacks.
- 2024 total dividend payout reaches 85 cents per share, plus a proposed 16-cent special dividend.
- OCBC maintains a positive but cautious outlook for 2025.
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