OCBC Unveils $1.9B Capital Return Plan Amid Missed Profit; Shares Dip, Stabilize at -2%
ocbc bank announced a S$2.5 billion ($1.9 billion) capital return program, joining its Singaporean rivals in distributing surplus capital to investors.
The city-state’s second-largest bank will hand out special dividends and conduct share buybacks over two years, OCBC said Wednesday, making its first special payout since 2005. The lender also reported fourth-quarter profit that missed estimates.
Net income rose 4% to S$1.69 billion in the three months ended Dec. 31 from a year earlier, the lender said. That compared with the S$1.8 billion average estimate of analysts compiled by Bloomberg.
OCBC followed the other two major Singapore banks that returned excess capital to investors after delivering record earnings for the year.
UOB said it will distribute S$3 billion over the next three years via share buybacks and special dividends. DBS Group Holdings unveiled a quarterly dividend program earlier this month, on top of a S$3 billion buyback plan announced in November.
ocbc bank down 2% at 10:30 am, Feb 26th.
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