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OCBC Bank First Quarter 2021 Results Update OCBC Group First Quarter 2021 Net Profit at a High of S $ 1.50 billion Singapore , 7 May 2021 - Oversea - Chinese Banking Corporation Limited ( “ OCBC Bank ” " ) reported its financial results for the first quarter of 2021 ( " 1Q21 " ) . Group net profit for 1Q21 of S $ 1.50 billion was significantly higher than the S $ 698 million a year ago ( " 1Q20 ” ) and grew 33 % from S $ 1.13 billion in the previous quarter ( " 4Q20 ” ) . The quarter's earnings were driven by broad - based income growth and lower allowances . First Quarter 2021 Performance S $ million 1Q21 4Q20 QoQ ( % ) 1Q20 YoY ( % ) Net interest income 1,441 1,436 1,626 ( 11 ) Non - interest income 1,473 1,049 40 864 70 of which : Fees and commissions 585 517 13 546 7 Trading income 316 264 20 18 nm Profit from life insurance 422 145 192 106 299 Total income 2,914 2,485 17 2,490 17 Operating expenses ( 1,149 ) ( 1,125 ) 2 ( 1,109 ) 4 Associates 209 131 59 165 26 Operating profit before allowances 1,974 1,491 32 1,546 28 Allowances ( 161 ) ( 285 ) ( 43 ) ( 657 ) ( 75 ) Amortisation , tax and NCI ( 312 ) ( 75 ) 312 ( 191 ) 63 Group net profit 1,501 1,131 33 698 115 Annualised Group Return on Equity ( " ROE " ) 12.4 % 9.3 % 6.0 % 1Q21 Quarter - on - Quarter Performance ➤ Group net profit rose 33 % to S $ 1.50 billion . Total income was 17 % higher at S $ 2.91 billion as compared to the previous quarter . • Net interest income was little changed at S $ 1.44 billion , while net interest margin was steady quarter - on - quarter at 1.56 % from continued optimisation of the balance sheet . • Non - interest income was S $ 1.47 billion , an increase of 40 % from the previous quarter . Co.Reg.no .: 193200032W 1