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Finance

Oversea-Chinese Banking Corp. Ltd.

Company Background

Oversea-Chinese Banking Corp. (OCBC) was established through a consolidation of Chinese Commercial Bank, Ho Hong Bank and Oversea-Chinese Bank, in 1932. The current largest shareholder is Lee Foundation, a charitable organization in Singapore formed by Lee Kong Chian, one of the three leaders of OCBC at the time of establishment. Lee Foundation owns around 20%. Current CEO Samuel N. Tsien was appointed in April 2012. Tsien was president and CEO of the Asian arm of Bank of America prior to joining OCBC in 2007 as senior executive vice president. He assumed the title of global head of Global Corporate Bank in 2008.

OCBC has been actively seeking to expand its business beyond corporate and commercial banking through mergers and acquisitions. The bank completed its acquisition of ING Asia Private Bank in 2010 to boost its wealth management business. Renamed as Bank of Singapore, it now operates as the private banking arm. OCBC also increased its stake in insurance company Great Eastern Holdings to around 87% in 2008. The acquisition of Hong Kong's Wing Hang Bank in 2014 is part of plans to accelerate business expansion in greater China.

Business Summary

Oversea-Chinese Banking Corp. Ltd. engages in the provision of financial and banking services. It operates through the following business segments: Global Consumer or Private Banking, Global Wholesale Banking, Global Treasury & Markets, Insurance, and Others. The Global Consumer or Private Banking segment offers checking accounts, fixed deposits, savings, consumer loans, credit cards, wealth management products, and brokerage services. The Global Wholesale Banking segment provides a range of financing solutions including long-term project financing, short-term credit, working capital and trade financing, as well as customized and structured equity-linked financing. The Global Treasury and Markets segment deals with foreign exchange rates, money market, fixed income and derivatives trading, and structured treasury products. The Insurance segment offers fund management, as well as life and general insurance. The Others segment includes property and investment holding operations. The company was founded in 1932 and is headquartered in Singapore.

Financial Highlights

Dec 2021 SGDUSD
Revenue30,742M22,875.87M
Gross Profit----
Operating income4,749M3,533.84M
Income before tax4,856M3,613.46M
Net income4,812M3,580.72M
EBITDA----
Diluted EPS1.070.79
Dividends Per Share0.530.39
Total Assets542,187M402,171.11M
Total liabilities489,047M362,754.14M
Total equity51,465M38,174.53M
Operating cash flow10,798M8,035.05M
Currency in SGDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 28,835.96M 26,081.85M 33,936.08M 33,765M 30,742M
Gross Profit -- -- -- -- --
Operating income 4,619.84M 5,043.17M 5,151.04M 3,500M 4,749M
Income before tax 5,099.22M 5,552.41M 5,800.41M 3,553M 4,856M
Net income 4,025.69M 4,472.99M 4,810.37M 3,533M 4,812M
EBITDA -- -- -- -- --
Diluted EPS 0.95 1.06 1.11 0.79 1.07
Dividends Per Share 0.37 0.43 0.53 0.31 0.53
Total Assets 452,886.88M 467,683.66M 491,690.52M 521,395M 542,187M
Total liabilities 411,592.05M 425,788.92M 444,584.70M 471,417M 489,047M
Total equity 38,529.32M 40,639.90M 45,664.92M 48,424M 51,465M
Operating cash flow 4,574.01M 4,579.78M 5,566.90M 6,482M 10,798M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 20,888.38M 19,329.86M 24,876.22M 24,478.26M 22,875.87M
Gross Profit -- -- -- -- --
Operating income 3,346.55M 3,737.61M 3,775.88M 2,537.35M 3,533.84M
Income before tax 3,693.81M 4,115.02M 4,251.89M 2,575.78M 3,613.46M
Net income 2,916.16M 3,315.03M 3,526.16M 2,561.28M 3,580.72M
EBITDA -- -- -- -- --
Diluted EPS 0.68 0.78 0.81 0.57 0.79
Dividends Per Share 0.26 0.31 0.38 0.23 0.39
Total Assets 338,885.70M 343,128.15M 365,664.30M 394,503.06M 402,171.11M
Total liabilities 307,985.65M 312,390.99M 330,632.28M 356,688.21M 362,754.14M
Total equity 28,830.68M 29,816.50M 33,960.45M 36,639.04M 38,174.53M
Operating cash flow 3,313.35M 3,394.18M 4,080.71M 4,699.18M 8,035.05M

Valuation Measures

Dec 2021
PER10.63
ROA0.90%
ROE9.63%
Operating margin15.44%
Profit margin15.65%

Key executives

  • Chief Executive Officer: Pik Kuen Wong
  • Group COO, Head-Operations & Technology: Khiang Tong Lim
  • Chief Financial Officer & Executive Vice President: Siew Peng Tan
  • EVP, Head-Group Legal & Regulatory Compliance: Loretta Yuen
  • Executive Vice President & Head-Group Audit: Chin Yee Goh

Shareholders

  • Selat Pte Ltd. (10.6%)
  • LEE FAMILY /OCBC/ (9.5%)
  • Lee Foundation (4.3%)
  • The Vanguard Group, Inc. (1.9%)
  • BlackRock Fund Advisors (1.5%)
  • Norges Bank Investment Management (1.0%)
  • Herald Investment Pte Ltd. (1.0%)
  • First Sentier Investors (Hong Kong) Ltd. (0.8%)
  • Schroder Investment Management (Hong Kong) Ltd. (0.8%)
  • Kew Estate Ltd. (0.6%)

Contact Details

  • Website:http://www.ocbc.com/group/
  • Address: 63 Chulia Street, No. 10-00 OCBC Centre East, Singapore, 049514, Singapore
  • Phone: +65.6363.3333

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Competitors

    Last Updated on 12 Aug, 2022

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