OCBC NISP, Bank in Lo Kheng Hong's Portfolio, Reports Profit Increase in 2024
JAKARTA, investortrust.id – PT Bank OCBC NISP Tbk, an Indonesian bank partly owned by prominent investor Lo Kheng Hong, has announced a significant increase in its net profit for 2024. This strong performance is expected to positively impact the bank's earnings per share and demonstrates its resilience in a dynamic financial landscape.
The bank, listed on the Indonesia Stock Exchange (IDX) as NISP, reported a net profit of Rp 4.86 trillion (approximately $311 million) for the year ending December 31, 2024, marking an 18.82% increase from Rp 4.09 trillion (approximately $261.76 million) in the previous year. This growth translates to an increase in earnings per share from Rp 178.30 to Rp 212.10.
The bank attributed the profit surge to a rise in net interest and sharia income, which grew from Rp 16.42 trillion to Rp 18.77 trillion. Despite an increase in interest and sharia expenses from Rp 6.51 trillion to Rp 7.73 trillion, the bank's net interest and sharia income reached Rp 11.04 trillion by the end of 2024, up from Rp 9.91 trillion in the prior year.
The bank also managed to reduce its provision expenses from Rp 1.12 trillion to Rp 1.09 trillion and reported an increase in operating profit from Rp 5.16 trillion to Rp 5.70 trillion.
According to shareholder registration data, Lo Kheng Hong, a well-known figure in the Indonesian investment community often referred to as the "Warren Buffett of Indonesia", holds 122.07 million shares of NISP, equivalent to a 0.53% stake. The majority shareholder is OCBC Overseas, with an 85.07% stake. OCBC Overseas is part of the Oversea-Chinese Banking Corporation, a multinational banking and financial services corporation headquartered in Singapore.
In a separate development, NISP announced the resignation of one of its directors, Joseph Chan Fook Onn, effective January 9, 2025. Chan, a Malaysian citizen, had served as a director since September 2, 2014.
"Furthermore, to comply with POJK 33/POJK.04/2014 concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies, the request for resignation of Joseph Chan Fook Onn from his position as director of the company will be decided at the company's next general meeting of shareholders," explained OCBC NISP management.
Chan, 50, has extensive experience in the banking industry. His resignation will be addressed in the upcoming General Meeting of Shareholders, as per the regulations of the Financial Services Authority of Indonesia (OJK) concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies.