KUALA LUMPUR, March 12 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier losses to end at its intraday high on Thursday, staging a late rebound during the final hour of trading. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.23 points to 1,711.01 from yesterday’s close of 1,708.78. The market bellwether opened 8.09 points lower at 1,700.69, and slipped to its day’s low of 1,694.80 during the mid-morning session before gaining momentum in the afternoon trading toward the close. However, market breadth was negative, with losers leading gainers 538 to 529. A total of 525 counters were unchanged, 1,075 untraded, and 17 suspended. Turnover climbed to 3.01 billion units worth RM3.53 billion from Wednesday’s 2.70 billion units worth RM2.78 billion.
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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