Q2 net profit jumps to S1.94 bln vs S1.82 bln estimate
Net interest margin 2.20 at Q2 vs 2.26 a year earlier
Interim dividend raised 10 to 44 Singapore cents
ROE rose to 14.2 in Q2 versus 13.5 a year earlier
Wealth AUM rises 2 to record level of S279 bln

SINGAPORE, Aug 2 Reuters Singapore39;s secondlargest bank OverseaChinese Banking Corp OCBC reported on Friday a strongerthanexpected 14 yearonyear jump in second quarter net profit and said it was firmly on track to meet its 2024 targets.

OCBC, which is also Southeast Asia39;s secondlargest lender by assets, said its AprilJune net profit rose to S1.94 billion 1.45 billion from S1.71 billion a year earlier, driven mainly by income growth and a decline in allowances.

This was above the mean estimate of S1.82 billion or expectations for a 6.4 onyear rise from five analysts polled by LSEG.

We still remain confident in the resilience of the ASEAN economy, OCBC39;s Group CEO Helen Wong said in an earnings briefing, adding that the macroeconomic outlook and opportunities in Southeast Asia remained strong.

OCBC maintained its 2024 earnings guidance of net interest margin NIM in the range of 2.20 to 2.25, low singledigit loan growth, credit costs between 20 to 25 basis points and 50 dividend payout, CEO Wong said.

She added that NIM could potentially come in at the lower end of the guided range. This compares to its earlier expectation in May for NIM in the higher end of the range.

Shares of OCBC were relatively…