KUALA LUMPUR, April 1 (Bernama) -- Bursa Malaysia closed higher on Wednesday, with the key index rising 1.10 per cent, in line with firm gains across regional markets following a strong rally on Wall Street overnight, said an analyst. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the improvement in sentiment was underpinned by easing geopolitical concerns and a decline in oil prices. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increase 18.54 points or 1.10 per cent to 1,708.90 from Tuesday’s close of 1,690.36. The benchmark index opened 25.58 points higher at 1,715.94, marking its intraday high, and hit a low of 1,700.20 during the mid-morning session. The broader market was positive, with gainers leading decliners 780 to 444. A total of 475 counters were unchanged, 926 untraded and 11 suspended.
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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