Company Reports

Oversea-Chinese Banking Corp., or OCBC, is one of the three largest banks in Singapore. It has expanded over the past two decades through acquisitions, and we think it could do further mergers and acquisitions in Asia in banking, insurance, or wealth management. OCBC’s private bank division, Bank of Singapore, was established by the acquisition of ING’s private bank when ING exited the Asia region following the global financial crisis. The operation's scale was increased by bolting on Barclays' wealth-management arm in Singapore and Hong Kong and, later, National Australia Bank's wealth-management business. OCBC's bancassurance business was built on the gradual acquisition of Singapore-based insurer Great Eastern. In Indonesia, the bank raised its stake in PT Bank NISP to 85% from 23% (with a further bolt-on acquisition of PT Bank Commonwealth), and it has announced plans to acquire HSBC's Indonesia retail business in the second quarter of 2027. It also bought Wing Hang Bank in Hong Kong in 2014 as a platform to expand its presence in Greater China, on top of its 20% stake in the affiliate Bank of Ningbo purchased in 2006.

OCBC's second-quarter net profit grew 22% year on year to SGD 2.2 billion, as solid wealth management fees, trading income growth, and robust insurance performance more than offset weaker net interest income. OCBC declared an interim dividend of SGD 0.47 per share.

OCBC's first-quarter net profit grew 5% year on year as broad-based noninterest income growth offset slower net interest income. Annualized return on equity is flat year-on-year at 13%.

Oversea-Chinese Banking Corp., or OCBC, is one of the three largest banks in Singapore. It has expanded over the past two decades through acquisitions, and we think it could do further mergers and acquisitions in Asia in banking, insurance, or wealth management. OCBC’s private bank division, Bank of Singapore, was established by the acquisition of ING’s private bank when ING exited the Asia region following the global financial crisis. The operation's scale was increased by bolting on Barclays' wealth-management arm in Singapore and Hong Kong and, later, National Australia Bank's wealth-management business. OCBC's bancassurance business was built on the gradual acquisition of Singapore-based insurer Great Eastern. In Indonesia, the bank raised its stake in PT Bank NISP to 85% from 23% (with a further bolt-on acquisition of PT Bank Commonwealth), and it has announced plans to acquire HSBC's Indonesia retail business in the second quarter of 2027. It also bought Wing Hang Bank in Hong Kong in 2014 as a platform to expand its presence in Greater China, on top of its 20% stake in the affiliate Bank of Ningbo purchased in 2006.

Oversea-Chinese Banking will be buying HSBC's international wealth and premier banking business in Indonesia. The final pricing has not yet been determined, but there will be a premium of SGD 480 million over the net asset value, and it should be completed in a year's time.

Oversea-Chinese Banking Corp. is one of the three largest banks in Singapore. It has expanded over the past two decades through acquisitions, and we think it could do further mergers and acquisitions in Asia in banking, insurance, or wealth management. OCBC’s private bank division, Bank of Singapore, was established by the acquisition of ING’s private bank when ING exited the Asia region following the global financial crisis. The operation's scale was increased by bolting on Barclays' wealth-management arm in Singapore and Hong Kong and, later, National Australia Bank's wealth-management business. OCBC's bancassurance business was built on the gradual acquisition of Singapore-based insurer Great Eastern. In Indonesia, the bank raised its stake in PT Bank NISP to 85% from 23% (with a further bolt-on acquisition of PT Bank Commonwealth), and it bought Wing Hang Bank in Hong Kong in 2014 as a platform to expand its presence in Greater China, on top of its 20% stake in affiliate Bank of Ningbo purchased in 2006.

OCBC delivered strong returns on equity of 12% in 2025. Profit before tax increased 2% year on year, as noninterest income growth more than offset weakness in net interest income. The group declared a full-year dividend of SGD 0.99 per share.

Oversea-Chinese Banking Corp. is one of the three largest banks in Singapore. It has expanded in the past two decades through acquisitions and we think it could do further mergers and acquisitions in Asia in banking, insurance, or wealth management. OCBC’s private bank division, Bank of Singapore, was established by the acquisition of ING’s private bank when ING exited the Asia region following the global financial crisis. The operation's scale was increased by bolting on Barclays' wealth-management arm in Singapore and Hong Kong and, later, National Australia Bank's wealth-management business. OCBC's bancassurance business was built on the gradual acquisition of Singapore-based insurer Great Eastern. In Indonesia, the bank raised its stake in PT Bank NISP to 85% from 23% (with a further bolt-on acquisition of PT Bank Commonwealth), and it bought Wing Hang Bank in Hong Kong in 2014 as a platform to expand its presence in Greater China, on top of its 20% stake in affiliate Bank of Ningbo purchased in 2006.

OCBC's third-quarter net profit of SGD 1.98 billion was flat year on year, with stronger noninterest income offsetting a fall in net interest margin. Annualized return on equity is healthy, at 13.4%.

We are lowering the Morningstar Uncertainty Ratings for the Singapore banks we cover—DBS Group Holdings, Oversea-Chinese Banking, and United Overseas Bank—to Low from Medium.

Oversea-Chinese Banking Corp. is one of the three largest banks in Singapore. It has expanded in the past two decades through acquisitions and we think it could do further mergers and acquisitions in Asia in banking, insurance, or wealth management. OCBC’s private bank division, Bank of Singapore, was established by the acquisition of ING’s private bank when ING exited the Asia region following the global financial crisis. The operation's scale was increased by bolting on Barclays' wealth-management arm in Singapore and Hong Kong and, later, National Australia Bank's wealth-management business. OCBC's bancassurance business was built on the gradual acquisition of Singapore-based insurer Great Eastern. In Indonesia, the bank raised its stake in PT Bank NISP to 85% from 23% (with a further bolt-on acquisition of PT Bank Commonwealth), and it bought Wing Hang Bank in Hong Kong in 2014 as a platform to expand its presence in Greater China, on top of its 20% stake in affiliate Bank of Ningbo purchased in 2006.

OCBC's second-quarter annualized return on equity was about 12%, in line with our midcycle forecast, though profits fell 4% quarter on quarter and 7% year on year.

Oversea-Chinese Banking Corp. is one of the three largest banks in Singapore. It has expanded in the past two decades through acquisitions and we think it could do further mergers and acquisitions in Asia in banking, insurance, or wealth management. OCBC’s private bank division, Bank of Singapore, was established by the acquisition of ING’s private bank when ING exited the Asia region following the global financial crisis. The operation's scale was increased by bolting on Barclays' wealth-management arm in Singapore and Hong Kong and, later, National Australia Bank's wealth-management business. OCBC's bancassurance business was built on the gradual acquisition of Singapore-based insurer Great Eastern. In Indonesia, the bank raised its stake in PT Bank NISP to 85% from 23% (with a further bolt-on acquisition of PT Bank Commonwealth), and it bought Wing Hang Bank in Hong Kong in 2014 as a platform to expand its presence in Greater China, on top of its 20% stake in affiliate Bank of Ningbo purchased in 2006.

Oversea-Chinese Banking Corp. is one of the three largest banks in Singapore. It has expanded in the past two decades through acquisitions and we think it could do further mergers and acquisitions in Asia in banking, insurance, or wealth management. OCBC’s private bank division, Bank of Singapore, was established by the acquisition of ING’s private bank when ING exited the Asia region following the global financial crisis. The operation's scale was increased by bolting on Barclays' wealth-management arm in Singapore and Hong Kong and, later, National Australia Bank's wealth-management business. OCBC's bancassurance business was built on the gradual acquisition of Singapore-based insurer Great Eastern. In Indonesia, the bank raised its stake in PT Bank NISP to 85% from 23% (with a further bolt-on acquisition of PT Bank Commonwealth), and it bought Wing Hang Bank in Hong Kong in 2014 as a platform to expand its presence in Greater China, on top of its 20% stake in affiliate Bank of Ningbo purchased in 2006.

OCBC's first-quarter annualized return on equity was about 13%, including a 0.5-percentage-point negative impact from general allowances for nonimpaired assets. Net interest income fell 4.5% quarter on quarter—larger than the 1.3% and 1.7% declines at DBS and UOB.

Oversea-Chinese Banking Corp. is one of the three largest banks in Singapore. It has expanded in the past two decades through acquisitions and we think it could do further mergers and acquisitions in Asia in banking, insurance, or wealth management. OCBC’s private bank division, Bank of Singapore, was established by the acquisition of ING’s private bank when ING exited the Asia region following the global financial crisis. The operation's scale was increased by bolting on Barclays' wealth-management arm in Singapore and Hong Kong and, later, National Australia Bank's wealth-management business. OCBC's bancassurance business was built on the gradual acquisition of Singapore-based insurer Great Eastern. In Indonesia, the bank raised its stake in PT Bank NISP to 85% from 23% (with a further bolt-on acquisition of PT Bank Commonwealth), and it bought Wing Hang Bank in Hong Kong in 2014 as a platform to expand its presence in Greater China, on top of its 20% stake in affiliate Bank of Ningbo purchased in 2006.

We adjust our Morningstar Uncertainty Ratings for 14 of the 16 Asia, excluding China, stocks we cover after US President Donald Trump announced much more severe tariffs on imports than we or the market were expecting, raising uncertainty over future economic conditions across Asia.

OCBC revealed plans to return SGD 2.5 billion to shareholders over the next two years, which includes a special dividend that increases the payout ratio to 60% (up from 50% based on the ordinary dividend), with the remainder allocated to buybacks.

Oversea-Chinese Banking Corp. is one of the three largest banks in Singapore. It has expanded in the past two decades through acquisitions and we think it could do further mergers and acquisitions in Asia in banking, insurance, or wealth management. OCBC’s private bank division, Bank of Singapore, was established by the acquisition of ING’s private bank when ING exited the Asia region following the global financial crisis. The operation's scale was increased by bolting on Barclays' wealth-management arm in Singapore and Hong Kong and, later, National Australia Bank's wealth-management business. OCBC's bancassurance business was built on the gradual acquisition of Singapore-based insurer Great Eastern. In Indonesia, the bank raised its stake in PT Bank NISP to 85% from 23% (with a further bolt-on acquistion of PT Bank Commonwealth), and it bought Wing Hang Bank in Hong Kong in 2014 as a platform to expand its presence in Greater China, on top of its 20% stake in affiliate Bank of Ningbo purchased in 2006.

Comments Thursday from regional Federal Reserve Bank presidents and policy board members suggest the Fed may be more likely to hold than to cut US interest rates. One to two rate cuts are now implied by Fed funds futures prices, versus two to three cuts a month ago.