News
Overseas-Chinese Banking Sector Q1 2024 Profits: Beat Expectations
Chinese Overseas Bank (SGX:O39) Results for the first quarter of 2024
Main financial results
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Revenue: S$3.46 billion (6.7% increase compared to 1Q 2023).
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Net profit: S$1.98 billion (5.5% increase compared to 1Q 2023).
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Profit margin: 57% (in line with 1Q 2023).
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earnings per share: S$0.44.
earnings and revenue growth
All numbers shown in the chart above are for the period of the last 12 months (TTM)
China’s overseas banking revenues and earnings beat expectations
Revenue surpassed analyst estimates by 5.9%. Earnings per share (EPS) also significantly surpassed analyst estimates.
Looking ahead, revenues are forecast to grow 3.7% per year on average over the next 3 years, compared to a forecast growth of 8.3% for the banking industry in Asia.
Market performance in Singapore.
The company’s shares fell 1.1% from the previous week.
Risk analysis
Before we close, we discover 1 warning sign for Chinese overseas banks that you should be aware of.
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