The Singapore lender's total income hit a record SGD 12.1 bn, underpinned by strong wealth and insurance revenue growth.

FY2024 Total Income Growth Breaks SGD 12 Billion Barrier

OCBC’s total income rose 5.2% year-over-year from SGD 11.5 billion in FY2023 to SGD 12.1 billion in FY2024, marking the first time the group has crossed the SGD 12 billion threshold. The increase was driven by strong performance in wealth management and other financial services, according to the bank’s annual results announcement. The record income figure comes as OCBC continues to execute on its strategic pivot toward fee-based revenue streams, partially insulating the group from the net interest margin compression affecting much of Singapore’s banking sector.

Total Income (SGD billion)Source: Orionmano Industries

The FY2024 income trajectory reflects deliberate portfolio shifts. Net interest income remained the largest single component, but its relative contribution declined as OCBC aggressively scaled wealth management and insurance operations. The bank’s full-year net profit reached a record SGD 7.59 billion in FY2024, an 8% increase, according to the group’s official financial highlights release. Total income for the year, including both interest and non-interest components, surged above SGD 14 billion—indicating that the headline total income figure captures a consolidated group view that includes contributions from Great Eastern Holdings and other subsidiaries.

Wealth Management and Insurance Power Non-Interest Income

The composition of OCBC’s revenue shifted markedly in FY2024 and into early 2026, with non-interest income emerging as the primary growth engine. In Q1 2026, non-interest income rose 23% year-over-year to SGD 1.61 billion, led by trading income (+10% to SGD 434 million) and insurance income (+34% to SGD 409 million), according to Asian Banking & Finance. This growth was broad-based: new investors in OCBC’s gold and silver segment tripled month-on-month as of end-January 2026, with sustained inflows into digital trading channels even during periods of price volatility.

%Source: Orionmano Industries

OCBC Group CEO Helen Wong underscored the strategic centrality of wealth and insurance in the 2024 Annual Report. “Together with the largest insurer in Singapore and Malaysia, a leading asset management company in Southeast Asia, and a standalone private bank that operates on the global stage, the OCBC Group offers a complete solution to our customers spanning banking, wealth management, insurance, and asset management,” Wong stated. She noted that when combining OCBC Bank, Bank of Singapore, and Great Eastern Holdings, the group is “one of the biggest players, if not the biggest, in the region by assets under management.” Wong added that full alignment of strategic direction across the group will enable a comprehensive suite of banking, wealth, health, and protection products for both banking and Great Eastern customer bases, with expectations of stronger growth in new customer numbers, product sales, and share of wallet.

The Great Eastern integration is a multi-year thesis. OCBC completed its full acquisition of the insurer in 2024, and the consolidation benefits are now flowing through income statements. Insurance income alone contributed one-quarter of Q1 2026 non-interest income, a share that is likely to expand as cross-sell initiatives mature.

Q1 2026 Momentum Signals Sustained Earnings Trajectory

The FY2024 growth trend has extended into 2026. OCBC posted a Q1 2026 net profit of SGD 1.97 billion, up 5% from SGD 1.88 billion in Q1 2025, as reported by Asian Banking & Finance and confirmed by Reuters. Total income in Q1 2026 rose 5% year-over-year to SGD 3.83 billion.

The composition of income, however, confirms the structural shift underway. Net interest income fell 5% to SGD 2.22 billion, while net interest margin declined to 1.76% from 2.04% a year earlier. This margin compression—driven by the lagged repricing of deposits and loan book mix changes—has been a headwind across Singapore’s banking sector. OCBC’s ability to post overall income growth despite a 5% decline in net interest income underscores the success of its diversification strategy.

Operating expenses increased 6% to SGD 1.50 billion, bringing the cost-to-income ratio to 39.3% versus 38.7% a year ago. The uptick reflects continued investment in technology, digital capabilities, and the integration of Great Eastern. While the ratio ticked higher, it remains within OCBC’s medium-term target range, and the revenue uplift from wealth and insurance has more than offset the expense growth.

Singapore Banking Landscape: OCBC Outperforms on Wealth Focus

OCBC’s Q1 2026 results stood out against a mixed Singapore banking landscape. DBS reported Q1 2026 net profit growth of 1%, while UOB posted a 4% decline in Q1 2026 net profit, according to Reuters. OCBC’s 5% net profit growth, driven by wealth business gains, positioned the bank as the relative outperformer among Singapore’s three largest lenders.

The divergence reflects differing business mix exposures. DBS and UOB remain more heavily weighted toward net interest income, which faces persistent margin pressure as the rate cycle turns. OCBC’s higher share of fee-based and insurance income provides a buffer: non-interest income now accounts for a larger proportion of total revenue than at any point in the last five years. The bank’s wealth management franchise, anchored by Bank of Singapore and Great Eastern, serves as a differentiated revenue source that peers cannot easily replicate.

Reuters reported that OCBC flagged heightened macro risks from the war in the Middle East in its Q1 2026 results commentary. The conflict presents a downside scenario that could disrupt trade flows, energy prices, and investor sentiment across Asia. However, OCBC’s diversified income base offers resilience. While further net interest margin compression is likely if rate cuts materialize, the wealth management pipeline—bolstered by high-net-worth inflows into Bank of Singapore and insurance product demand—provides a counterweight. OCBC’s strategic bet on fee-based revenue, executed through the Great Eastern acquisition and private banking expansion, positions the group to navigate margin headwinds better than its more rate-sensitive peers, provided macro conditions do not deteriorate sharply.