KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 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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