Oversea Chinese Banking : First Half 2022 Unaudited Interim Financial Statements (525KB)

To Our Shareholders

The Board of Directors of Oversea-Chinese Banking Corporation Limited ("OCBC") reports the following:

Unaudited Financial Results for the Half Year Ended 30 June 2022

For the half year ended 30 June 2022, the Group reported net profit after tax was S$2.84 billion. Details of the financial results are in the accompanying Unaudited Condensed Interim Financial Statements.

Ordinary Dividend

An interim tax exempt dividend of 28 cents per share (2021: 25 cents tax exempt) has been declared for the first half year 2022. The interim dividend payout will amount to an estimated S$1,258 million (2021: S$1,126 million) or approximately 44% of the Group's net profit after tax of S$2.84 billion for 1H22.

Closure of Books

The record date is 15 August 2022. Please refer to the separate announcement titled "Notice of Books Closure and Payment of Interim One-Tier Tax Exempt Dividend on Ordinary Shares for the Financial Year Ending 31 December 2022" released by the Bank today.

Scrip Dividend Scheme

The Oversea-Chinese Banking Corporation Limited Scrip Dividend Scheme, which was approved by the Shareholders of the Bank at the Extraordinary General Meeting on 8 June 1996, will not be applicable to the interim dividend.

Peter Yeoh

Secretary

Singapore, 3 August 2022

More details on the results are available on the Bank's website at www.ocbc.com

Oversea-Chinese Banking Corporation Limited and its Subsidiaries

Unaudited Condensed Interim Financial Statements

For the Half Year ended 30 June 2022

Incorporated in Singapore

Company Registration Number: 193200032W

CONTENTS

Unaudited Condensed Interim Financial Statements

Unaudited Consolidated Income Statement	2
Unaudited Consolidated Statement of Comprehensive Income	3
Unaudited Balance Sheets	4
Unaudited Statement of Changes in Equity - Group	5
Unaudited Statement of Changes in Equity - Bank	7
Unaudited Consolidated Cash Flow Statement	8
Notes to the Unaudited Condensed Interim Financial Statements	9
Other Information Required by Listing Rule Appendix 7.2	25
Attachment: Confirmation by the Board

Half Year 2022 Financial Results ▌ 1

OVERSEA-CHINESE BANKING CORPORATION LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONSOLIDATED INCOME STATEMENT

For the half year ended 30 June 2022

GROUP

S$ million	Note	1H 2022	1H 2021
Interest income		4,164	3,711
Interest expense		(961)	(809)
Net interest income	3	3,203	2,902
Profit from life insurance (1)	4	649	627
Premium income from general insurance		104	97
Fees and commissions (net)	5	999	1,148
Dividends		57	48
Net trading income		492	528
Other income	6	18	136
Non-interest income		2,319	2,584
Total income		5,522	5,486
Staff costs		(1,613)	(1,486)
Other operating expenses	7	(845)	(801)
Total operating expenses		(2,458)	(2,287)
Operating profit before allowances and amortisation		3,064	3,199
Amortisation of intangible assets		(52)	(51)
Allowances for loans and other assets	8	(116)	(393)
Operating profit after allowances and amortisation
	2,896	2,755
Share of results of associates, net of tax		499	422
Profit before income tax
	3,395	3,177
Income tax expense		(475)	(413)
Profit for the period
	2,920	2,764
Profit attributable to:		2,837	2,661
Equity holders of the Bank
Non-controlling interests		83	103
		2,920	2,764
Earnings per share (S$)		0.63
Basic		0.59
Diluted		0.63	0.59

1. Comprised premium and investment income of S$4,558 million (1H21: S$9,543 million) and insurance claims, commission and
   other expenses of S$3,909 million (1H21: S$8,916 million) for the Group. Refer to Note 4.

The accompanying notes form an integral part of these unaudited condensed interim financial statements.

Half Year 2022 Financial Results ▌ 2

OVERSEA-CHINESE BANKING CORPORATION LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the half year ended 30 June 2022

GROUP

S$ million

1H 2022

1H 2021

Profit for the period

Other comprehensive income:

Items that may be reclassified subsequently to income statement:

Financial assets, at FVOCI (1) Fair value losses for the period

Reclassification of (gains)/losses to income statement

• on disposal
• on impairment

Tax on net movements

Cash flow hedges

Currency translation on foreign operations

Other comprehensive income of associates

Items that will not be reclassified subsequently to income statement: Currency translation on foreign operations

Equity instruments, at FVOCI (1), net change in fair value Defined benefit plans remeasurements

Own credit

Total other comprehensive income, net of tax

Total comprehensive income for the period, net of tax

Total comprehensive income attributable to:

Equity holders of the Bank

Non-controlling interests

2,920 2,764

(2,007) (382)

126 (98)

• 6

229 64

1. (#)

1. 45

1. 160

1. (10)

1. 79

• #
• 1

(2,040) (135)

880 2,629

1. 2,545

1. 84

1. 2,629

1. Fair value through other comprehensive income.
2. # represents amounts less than S$0.5 million.

The accompanying notes form an integral part of these unaudited condensed interim financial statements.

Half Year 2022 Financial Results ▌ 3