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Media Release OCBC Bank OCBC Group First Half 2021 Net Profit rose 86 % to S $ 2.66 billion from S $ 1.43 billion a year ago Interim dividend of 25 cents declared Singapore , 4 August 2021 - Oversea - Chinese Banking Corporation Limited ( " OCBC Bank ” ) reported its financial results for the first half of 2021 ( " 1H21 " ) . Group net profit for 1H21 was 86 % higher from a year ago at S $ 2.66 billion , driven by income growth and a reduction in allowances . First Half 2021 Performance S $ million 1H21 1H20 YoY ( % ) 2H20 HoH ( % ) Net interest income 2,902 3,109 ( 7 ) 2,857 2 Non - interest income 2,584 2,006 29 2,167 of which : Fees and commissions 1,148 986 17 1,018 Trading income 528 343 54 519 Profit from life insurance 627 338 85 359 75 12325 19 Total income 5,486 5,115 7 5,024 9 Operating expenses ( 2,287 ) ( 2,216 ) 3 ( 2,223 ) 3 Associates 422 328 29 284 48 Operating profit before allowances 3,621 3,227 12 3,085 17 Allowances ( 393 ) ( 1,407 ) ( 72 ) ( 636 ) ( 38 ) Amortisation , tax and NCI ( 567 ) ( 392 ) 45 ( 291 ) 94 Group net profit 2,661 1,428 86 2,158 23 Group ROE - annualised 10.8 % 6.1 % + 4.7ppt 9.0 % + 1.8ppt 1H21 Year - on - Year Performance ➤ Group net profit for 1H21 was up 86 % from a year ago to S $ 2.66 billion , largely driven by a 29 % increase in non - interest income and substantially lower allowances . Net interest income was 7 % lower at S $ 2.90 billion , as compared to S $ 3.11 billion a year ago . This was primarily due to an 11 basis points contraction in net interest margin ( " NIM ” ) to 1.57 % , as asset yields declined faster than the drop in funding costs in the low interest rate environment . The average loans - to - deposits ratio was also lower at 84.6 % as compared to 85.4 % a year ago . Co.Reg.no .: 193200032W 1