To Our Shareholders
The Board of Directors of Oversea-Chinese Banking Corporation Limited ("OCBC") reports the following:
Financial Results for the Financial Year Ended 31 December 2025
Details of the financial results are in the accompanying Condensed Financial Statements.
Final and Special Dividends
A final tax-exempt dividend of 42 cents (2024: final dividend of 41 cents) per ordinary share for the financial year 2025 ("FY25") and a special tax-exempt dividend of 16 cents (2024: special dividend of 16 cents) per ordinary share have been recommended. Including the interim tax-exempt dividend of 41 cents (2024: interim dividend of 44 cents) per ordinary share paid in August 2025, total dividends for FY25 would amount to 99 cents (2024: 101 cents) per ordinary share. The total dividend payout will amount to an estimated S$4.45 billion (2024: S$4.54 billion) or approximately 60% of the Group's net profit after tax of S$7.42 billion for FY25.
Closure of Books
The record date is 24 April 2026. Please refer to the announcements on final dividend and special dividend released by the Bank on the SGX website at https://www.sgx.com/securities/company-announcements.
Scrip Dividend Scheme
The Oversea-Chinese Banking Corporation Limited Scrip Dividend Scheme, which was approved by the Shareholders of the Bank at the Extraordinary General Meeting on 8 June 1996, will not be applicable to the final and special dividends.
Peter Yeoh Secretary
Singapore, 25 February 2026
More details on the results are available on the Bank's website at https://www.ocbc.com
Oversea-Chinese Banking Corporation Limited and its Subsidiaries Condensed Financial StatementsFor the Half Year and Full Year ended 31 December 2025
Incorporated in Singapore Company Registration Number: 193200032W
CONTENTS Condensed Financial StatementsConsolidated Income Statement 2
Consolidated Statement of Comprehensive Income 3
Balance Sheets 4
Statement of Changes in Equity - Group 5
Statement of Changes in Equity - Bank 7
Consolidated Cash Flow Statement 8
Notes to the Condensed Financial Statements 9
Other Information Required by Listing Rule Appendix 7.2 26 Attachment: Independent Auditor's ReportCONSOLIDATED INCOME STATEMENT | ||||
For the financial year ended 31 December 2025 | ||||
GROUP | ||||
S$ million Note | 2H 2025 (1) | 2H 2024 (1) | 2025 | 2024 |
Interest income | 9,672 | 11,214 | 20,076 | 22,444 |
Interest expense | (5,150) | (6,326) | (10,926) | (12,689) |
Net interest income 3 | 4,522 | 4,888 | 9,150 | 9,755 |
Insurance service results from life insurance (2) | 387 | 241 | 927 | 592 |
Net investment income from life insurance | 4,693 | 2,802 | 7,365 | 6,124 |
Net insurance financial result from life insurance | (4,541) | (2,709) | (7,237) | (5,811) |
Insurance service results from general insurance | (2) | # | 14 | 12 |
Fees and commissions (net) 4 | 1,285 | 1,025 | 2,411 | 1,970 |
Net trading income | 913 | 811 | 1,684 | 1,537 |
Other income 5 | 155 | 160 | 300 | 294 |
Non-interest income | 2,890 | 2,330 | 5,464 | 4,718 |
Total income | 7,412 | 7,218 | 14,614 | 14,473 |
Staff costs | (1,976) | (1,986) | (3,907) | (3,837) |
Other operating expenses 6 | (1,102) | (1,037) | (1,975) | (1,905) |
Total operating expenses | (3,078) | (3,023) | (5,882) | (5,742) |
Operating profit before allowances and amortisation | 4,334 | 4,195 | 8,732 | 8,731 |
Amortisation of intangible assets | (10) | (12) | (21) | (59) |
Allowances for loans and other assets 7 | (339) | (377) | (665) | (690) |
Operating profit after allowances and amortisation | 3,985 | 3,806 | 8,046 | 7,982 |
Share of results of associates, net of tax | 540 | 496 | 1,077 | 994 |
Profit before income tax | 4,525 | 4,302 | 9,123 | 8,976 |
Income tax expense | (734) | (574) | (1,563) | (1,228) |
Profit for the period/year | 3,791 | 3,728 | 7,560 | 7,748 |
Attributable to: | ||||
Equity holders of the Bank | 3,723 | 3,661 | 7,422 | 7,587 |
Non-controlling interests | 68 | 67 | 138 | 161 |
3,791 | 3,728 | 7,560 | 7,748 | |
Earnings per share (S$) | ||||
Basic | 0.82 | 0.81 | 1.63 | 1.67 |
Diluted | 0.82 | 0.80 | 1.63 | 1.67 |
(1)Unaudited and unreviewed.
(2)Includes insurance revenue of S$6,466 million and S$3,264 million for 2025 and 2H2025 respectively (2024: S$6,180 million and 2H2024: S$3,252 million) and insurance service expense of S$5,634 million and S$2,943 million for 2025 and 2H2025 respectively (2024: S$5,701 million and 2H2024: S$3,153 million).
(3)# represents amounts less than S$0.5 million.
CONSOLIDATED STATEMENT OF COMPREHENSIVE | INCOME | ||||
For the financial year ended 31 December 2025 | |||||
GROUP | |||||
S$ million | 2H 2025 (1) | 2H 2024 (1) | 2025 | 2024 | |
Profit for the period/year | 3,791 | 3,728 | 7,560 | 7,748 | |
Other comprehensive income: Items that may be reclassified subsequently to income statement: Financial assets, at FVOCI (2) Fair value gains for the period/year | 161 | 379 | 788 | 344 | |
Reclassification of gains to income statement | |||||
- on disposal | (33) | (8) | (71) | (12) | |
- on impairment | (7) | (10) | (3) | (4) | |
Tax on net movements | (16) | (34) | (95) | (21) | |
Cash flow and other hedges | (62) | 146 | (91) | 70 | |
Net insurance financial result Currency translation on foreign subsidiaries and overseas branches | (66) 59 | (123) 275 | (193) (424) | (77) 334 | |
Other comprehensive income/(losses) of associates | 153 | 209 | (335) | 388 | |
Items that will not be reclassified subsequently to | |||||
income statement: Currency translation on foreign operations attributable to | |||||
non-controlling interests | (12) | 13 | (44) | (2) | |
Equity instruments, at FVOCI,(2)net change in fair value | 119 | 8 | 171 | 172 | |
Defined benefit plans remeasurements | 2 | (2) | 2 | # | |
Own credit | (1) | (1) | (#) | (1) | |
Total other comprehensive income, net of tax | 297 | 852 | (295) | 1,191 | |
Total comprehensive income for the period/year, net of tax | 4,088 | 4,580 | 7,265 | 8,939 | |
Total comprehensive income attributable to: | |||||
Equity holders of the Bank | 4,025 | 4,496 | 7,150 | 8,763 | |
Non-controlling interests | 63 | 84 | 115 | 176 | |
4,088 | 4,580 | 7,265 | 8,939 | ||
(1)Unaudited and unreviewed. | |||||
(2)Fair value through other comprehensive income. | |||||
(3)# represents amounts less than S$0.5 million. | |||||
BALANCE SHEETS
As at 31 December 2025
GROUP BANK
S$ million | Note | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 31 Dec 2024 | ||
EQUITY Attributable to equity holders of the Bank Share capital | 9 | 17,887 | 18,096 | 17,887 | 18,096 | |
Other equity instruments | 1,698 | 1,698 | 1,698 | 1,698 | ||
Capital reserves | 765 | 830 | 528 | 534 | ||
Fair value reserves | 749 | 313 | 20 | (225) | ||
Revenue reserves | 40,669 | 38,379 | 22,407 | 21,929 | ||
Other equity instruments issued by | 61,768 | 59,316 | 42,540 | 42,032 | ||
subsidiary | 676 | - | - | - | ||
Non-controlling interests | 1,126 | 1,064 | - | - | ||
Total equity | 63,570 | 60,380 | 42,540 | 42,032 | ||
LIABILITIES | ||||||
Deposits of non-bank customers | 10 | 428,286 | 390,687 | 288,283 | 253,175 | |
Deposits and balances of banks | 10 | 15,280 | 11,565 | 12,526 | 8,951 | |
Due to subsidiaries | - | - | 42,735 | 46,602 | ||
Due to associates | 283 | 324 | 209 | 232 | ||
Trading portfolio liabilities | 197 | 281 | 197 | 222 | ||
Derivative payables | 14,078 | 16,238 | 12,636 | 12,855 | ||
Other liabilities | 12,004 | 9,370 | 5,187 | 3,982 | ||
Current tax payables | 1,118 | 879 | 766 | 560 | ||
Deferred tax liabilities | 991 | 841 | 165 | 138 | ||
Debt issued | 11 | 30,482 | 31,553 | 28,960 | 30,321 | |
Insurance contract liabilities and other | 502,719 | 461,738 | 391,664 | 357,038 | ||
liabilities for life insurance funds | 109,399 | 102,932 | - | - | ||
Total liabilities | 612,118 | 564,670 | 391,664 | 357,038 | ||
Total equity and liabilities | 675,688 | 625,050 | 434,204 | 399,070 | ||
ASSETS | ||||||
Cash and placements with central banks Singapore government treasury bills and securities | 30,756 21,506 | 34,599 14,316 | 27,095 20,451 | 30,525 13,182 | ||
Other government treasury bills and | ||||||
securities | 44,898 | 30,369 | 22,681 | 11,196 | ||
Placements with and loans to banks | 37,942 | 42,407 | 25,548 | 32,174 | ||
Loans to customers | 12 | 336,692 | 315,096 | 245,802 | 227,598 | |
Debt and equity securities | 53,267 | 43,413 | 33,093 | 26,311 | ||
Derivative receivables | 13,035 | 17,203 | 11,640 | 13,582 | ||
Other assets | 9,622 | 7,761 | 4,379 | 3,784 | ||
Deferred tax assets | 489 | 538 | 239 | 175 | ||
Associates | 8,799 | 8,153 | 2,199 | 2,234 | ||
Subsidiaries | - | - | 37,795 | 35,471 | ||
Property, plant and equipment | 4,041 | 3,725 | 1,360 | 914 | ||
Investment property | 672 | 675 | 55 | 57 | ||
Goodwill and other intangible assets | 4,360 | 4,504 | 1,867 | 1,867 | ||
566,079 | 522,759 | 434,204 | 399,070 | |||
Investment securities for life insurance funds | 100,151 | 94,452 | - | - | ||
Other assets for life insurance funds | 9,458 | 7,839 | - | - | ||
Total assets | 675,688 | 625,050 | 434,204 | 399,070 | ||
Net asset value per ordinary share - S$ (1) | 13.38 | 12.80 | 9.10 | 8.96 | ||
OFF-BALANCE SHEET ITEMS Contingent liabilities | 19,359 | 18,796 | 14,404 | 14,346 | ||
Commitments | 214,115 | 201,029 | 142,090 | 134,531 | ||
Derivative financial instruments | 1,698,782 | 1,438,850 | 1,379,054 | 1,127,408 | ||
(1) Unaudited and unreviewed. | ||||||
STATEMENT OF CHANGES IN EQUITY - GROUP
For the financial year ended 31 December 2025
Attributable to equity holders of the Bank
Share | Other equity | |||||||
capital | Fair | instruments | Non- | |||||
and other | Capital | value | Revenue | issued by | controlling | Total | ||
S$ million | equity | reserves (1) | reserves | reserves | Total | subsidiary | interests | equity |
At 1 January 2025 | 19,794 | 830 | 313 | 38,379 | 59,316 | - | 1,064 | 60,380 |
Total comprehensive income for the year Profit for the year | - | - | - | 7,422 | 7,422 | - | 138 | 7,560 |
Other comprehensive income Items that may be reclassified subsequently to income statement: Financial assets, at FVOCI Fair value gains for the year Reclassification of gains to income statement
Tax on net movements Cash flow and other hedges Net insurance financial result Currency translation on foreign subsidiaries and overseas branches Other comprehensive losses of associates Items that will not be reclassified subsequently to income statement: Currency translation on foreign operations attributable to non-controlling interests Equity instruments, at FVOCI, net change in fair value Defined benefit plans remeasurements Own credit Total other comprehensive income, net of tax | - | - | 756 | - | 756 | - | 32 | 788 |
- | - | (67) | - | (67) | - | (4) | (71) | |
- | - | (3) | - | (3) | - | (#) | (3) | |
- | - | (89) | - | (89) | - | (6) | (95) | |
- | - | - | (91) | (91) | - | - | (91) | |
- | - | - | (181) | (181) | - | (12) | (193) | |
- | - | - | (424) | (424) | - | - | (424) | |
- | - | (230) | (105) | (335) | - | - | (335) | |
- | - | - | - | - | - | (44) | (44) | |
- | - | 69 | 91 | 160 | - | 11 | 171 | |
- | - | - | 2 | 2 | - | # | 2 | |
- | - | - | (#) | (#) | - | - | (#) | |
- | - | 436 | (708) | (272) | - | (23) | (295) |
Total comprehensive income for the year - - 436 6,714 7,150 - 115 7,265 Transactions with owners, recorded
directly in equity
Contributions by and distributions to owners
Transfers | 12 | (82) | - | 70 | - | - | - | - | |
Buy-back of shares for holding as treasury shares | (220) | - | - | - | (220) | - | - | (220) | |
Cancellation of shares | (225) | - | - | - | (225) | - | - | (225) | |
Dividends and distributions | - | - | - | (4,492) | (4,492) | - | (53) | (4,545) | |
DSP reserve from dividends on unvested shares | - | - | - | (2) | (2) | - | - | (2) | |
Perpetual capital securities issued | - | - | - | - | - | 676 | - | 676 | |
Share-based payments for staff costs | - | 6 | - | - | 6 | - | - | 6 | |
Shares issued to non-executive directors | 1 | - | - | - | 1 | - | - | 1 | |
Shares transferred to DSP Trust | - | (18) | - | - | (18) | - | - | (18) | |
Shares vested under DSP Scheme | - | 132 | - | - | 132 | - | - | 132 | |
Treasury shares transferred/sold | 223 | (103) | - | - | 120 | - | - | 120 | |
Total contributions by and distributions to owners | (209) | (65) | - | (4,424) | (4,698) | 676 | (53) | (4,075) | |
At 31 December 2025 | 19,585 | 765 | 749 | 40,669 | 61,768 | 676 | 1,126 | 63,570 | |
Included in the balances: Share of reserves of associates | - | - | 369 | 5,455 | 5,824 | - | - | 5,824 | |
(1) Included regulatory loss allowance reserve of S$455 million at 1 January 2025 and S$445 million at 31 December 2025.
(2) # represents amounts less than S$0.5 million.
STATEMENT OF CHANGES IN EQUITY - GROUP
For the financial year ended 31 December 2025
Attributable to equity holders of the Bank
Share | Other equity | |||||||
capital | Fair | instruments | Non- | |||||
and other | Capital | value | Revenue | issued by | controlling | Total | ||
S$ million | equity | reserves (1) | reserves | reserves | Total | subsidiary | interests | equity |
At 1 January 2024 | 19,293 | 815 | (439) | 34,501 | 54,170 | - | 1,384 | 55,554 |
Total comprehensive income for the year Profit for the year | - | - | - | 7,587 | 7,587 | - | 161 | 7,748 |
Other comprehensive income Items that may be reclassified subsequently to income statement: Financial assets, at FVOCI Fair value gains/(losses) for the year Reclassification of (gains)/losses to income statement
Tax on net movements Cash flow and other hedges Net insurance financial result Currency translation on foreign subsidiaries and overseas branches Other comprehensive income of associates Items that will not be reclassified subsequently to income statement: Currency translation on foreign operations attributable to non-controlling interests Equity instruments, at FVOCI, net change in fair value Defined benefit plans remeasurements Own credit Total other comprehensive income, net of tax | - | - | 351 | - | 351 | - | (7) | 344 |
- | - | (17) | - | (17) | - | 5 | (12) | |
- | - | (3) | - | (3) | - | (1) | (4) | |
- | - | (22) | - | (22) | - | 1 | (21) | |
- | - | - | 70 | 70 | - | - | 70 | |
- | - | - | (74) | (74) | - | (3) | (77) | |
- | - | - | 334 | 334 | - | - | 334 | |
- | - | 365 | 23 | 388 | - | - | 388 | |
- | - | - | - | - | - | (2) | (2) | |
- | - | 78 | 72 | 150 | - | 22 | 172 | |
- | - | - | # | # | - | # | # | |
- | - | - | (1) | (1) | - | - | (1) | |
- | - | 752 | 424 | 1,176 | - | 15 | 1,191 |
Total comprehensive income for the year | - | - | 752 | 8,011 | 8,763 | - | 176 | 8,939 |
Transactions with owners, recorded directly in equity | ||||||||
Contributions by and distributions to | ||||||||
owners | ||||||||
Transfers | 16 | (6) | - | (10) | - - - - | |||
Buy-back of shares for holding as treasury shares | (194) | - | - | - | (194) - - (194) | |||
Dividends and distributions | - | - | - (3,933) | (3,933) | - | (54) | (3,987) | |
DSP reserve from dividends on unvested shares | - | - | - 11 | 11 | - | - | 11 | |
Perpetual capital securities issued | 450 | - | - - | 450 | - | - | 450 | |
Share-based payments for staff costs | - | 6 | - - | 6 | - | - | 6 | |
Shares issued to non-executive directors | 1 | - | - - | 1 | - | - | 1 | |
Shares transferred to DSP Trust | - | (16) | - - | (16) | - | - | (16) | |
Shares vested under DSP Scheme | - | 107 | - - | 107 | - | - | 107 | |
Treasury shares transferred/sold | 228 | (76) | - - | 152 | - | - | 152 | |
Total contributions by and distributions | ||||||||
to owners | 501 | 15 | - | (3,932) | (3,416) | - | (54) | (3,470) |
Changes in non-controlling interest | - | - | - | (201) | (201) | - | (442) | (643) |
At 31 December 2024 | 19,794 | 830 | 313 | 38,379 | 59,316 | - | 1,064 | 60,380 |
Included in the balances: Share of reserves of associates | - | - | 600 | 4,789 | 5,389 | - | - | 5,389 |
(1) Included regulatory loss allowance reserve of S$455 million at 1 January 2024 and 31 December 2024.
(2) # represents amounts less than S$0.5 million.
STATEMENT OF CHANGES IN EQUITY - BANK
For the financial year ended 31 December 2025
S$ million | Share capital and other equity | Capital reserves (1) | Fair value reserves | Revenue reserves | Total equity |
At 1 January 2025 | 19,794 | 534 | (225) | 21,929 | 42,032 |
Profit for the year | - | - | - | 5,099 | 5,099 |
Other comprehensive income/(losses) | - | - | 245 | (144) | 101 |
Total comprehensive income for the year | - | - | 245 | 4,955 | 5,200 |
Transfers | 12 | (12) | - | - | - |
Buy-back of shares for holding as treasury shares | (220) | - | - | - | (220) |
Cancellation of shares | (225) | - | - | - | (225) |
Dividends and distributions | - | - | - | (4,475) | (4,475) |
DSP reserve from dividends on unvested shares | - | - | - | (2) | (2) |
Share-based payments for staff costs | - | 6 | - | - | 6 |
Shares issued to non-executive directors | 1 | - | - | - | 1 |
Treasury shares transferred/sold | 223 | - | - | - | 223 |
At 31 December 2025 | 19,585 | 528 | 20 | 22,407 | 42,540 |
At 1 January 2024 | 19,293 | 544 | (435) | 18,935 | 38,337 |
Profit for the year | - | - | - | 6,861 | 6,861 |
Other comprehensive income | - | - | 210 | 55 | 265 |
Total comprehensive income for the year | - | - | 210 | 6,916 | 7,126 |
Transfers | 16 | (16) | - | - | - |
Buy-back of shares for holding as treasury shares | (194) | - | - | - | (194) |
Dividends and distributions | - | - | - | (3,933) | (3,933) |
DSP reserve from dividends on unvested shares | - | - | - | 11 | 11 |
Perpetual capital securities issued | 450 | - | - | - | 450 |
Share-based payments for staff costs | - | 6 | - | - | 6 |
Shares issued to non-executive directors | 1 | - | - | - | 1 |
Treasury shares transferred/sold | 228 | - | - | - | 228 |
At 31 December 2024 | 19,794 | 534 | (225) | 21,929 | 42,032 |
(1)Included regulatory loss allowance reserve of S$444 million at 1 January 2025, 1 January 2024, 31 December 2025 and 31
December 2024.
CONSOLIDATED CASH FLOW STATEMENT | |||
For the financial year ended 31 December 2025 | |||
S$ million | 2025 | 2024 | |
Cash flows from operating activities | |||
Profit before income tax | 9,123 | 8,976 | |
Adjustments for non-cash items: | |||
Allowances for loans and other assets | 665 | 690 | |
Amortisation of intangible assets | 21 | 59 | |
Change in hedging transactions, FVTPL(1)securities and debt issued | 377 | 356 | |
Depreciation of property, plant and equipment and interest expense on lease liabilities | 551 | 463 | |
Net (gain)/loss on disposal of interests in associates/subsidiaries | (63) | # | |
Net gain on disposal of government, debt and equity securities | (58) | (24) | |
Net gain on disposal of property, plant and equipment | (18) | (36) | |
Share-based costs | 62 | 62 | |
Share of results of associates, net of tax | (1,077) | (994) | |
Others | - (72) | ||
Operating profit before change in operating assets and liabilities | 9,583 | 9,480 | |
Change in operating assets and liabilities: | |||
Deposits of non-bank customers | 37,565 | 26,052 | |
Deposits and balances of banks | 3,716 | 679 | |
Derivative payables and other liabilities | (571) | 3,482 | |
Trading portfolio liabilities | (84) | 87 | |
Restricted balances with central banks | (439) | (354) | |
Government securities and treasury bills | (21,411) | 1,188 | |
FVTPL securities | (4,840) | (3,195) | |
Placements with and loans to banks | 4,465 | (4,246) | |
Loans to customers | (22,082) | (22,330) | |
Derivative receivables and other assets | 2,616 | (3,969) | |
Net change in other assets and liabilities for life insurance funds 2,087 (1,321) | |||
Cash provided by operating activities | 10,605 | 5,553 | |
Income tax paid (2) | (1,480) | (1,589) | |
Net cash provided by operating activities | 9,125 | 3,964 | |
Cash flows from investing activities | |||
Net cash outflow from acquisition of subsidiary | - | (31) | |
Dividends from associates | 294 | 158 | |
Purchases of debt and equity securities | (41,960) | (34,021) | |
Purchases of investment securities for life insurance funds | (60,728) | (45,566) | |
Purchases of property, plant and equipment | (983) | (614) | |
Proceeds from disposal of debt and equity securities | 36,193 | 30,750 | |
Proceeds from disposal of interests in associates | 115 | # | |
Proceeds from disposal of investment securities for life insurance funds | 58,728 | 44,948 | |
Proceeds from disposal of property, plant and equipment 45 44 | |||
Net cash used in investing activities | (8,296) | (4,332) | |
Cash flows from financing activities | |||
Changes in non-controlling interests | - | (643) | |
Buy-back of shares for holding as treasury shares/cancellation | (445) | (194) | |
Dividends and distributions paid | (4,545) | (3,987) | |
Net (redemption)/issue of other debt issued | (558) | 4,557 | |
Net proceeds from perpetual capital securities issued | 676 | 450 | |
Repayments of lease liabilities | (43) | (78) | |
Proceeds from subordinated debt issued | 1,438 | 1,165 | |
Redemption of subordinated debt issued | (1,284) | (1,352) | |
Proceeds from treasury shares transferred/sold under the Bank's employee share schemes | 120 | 152 | |
Net cash (used in)/provided by financing activities | (4,641) | 70 | |
Net change in cash and cash equivalents | (3,812) | (298) | |
Net currency translation adjustments | (469) | 257 | |
Cash and cash equivalents at 1 January | 28,829 | 28,870 | |
Cash and cash equivalents at 31 December | 24,548 | 28,829 | |
(1) Fair value through profit or loss.
(2) In 2025, the Group paid income tax of S$1,480 million (2024: S$1,589 million), of which S$709 million (2024: S$786 million) was paid in Singapore and S$771 million (2024: S$803 million) in other jurisdictions.
(3) # represents amounts less than S$0.5 million.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the financial year ended 31 December 2025
These notes form an integral part of the condensed financial statements.
The condensed financial statements were authorised by the Board of Directors on 24 February 2026.
General
Oversea-Chinese Banking Corporation Limited (the Bank) is incorporated and domiciled in Singapore and is listed on the Singapore Exchange Securities Trading Limited. The address of the Bank's registered office is 63 Chulia Street, #10-00 OCBC Centre East, Singapore 049514.
The condensed financial statements relate to the Bank and its subsidiaries (together referred to as the Group) and the Group's interests in associates. The Group is principally engaged in the business of banking, life insurance, general insurance, asset management, investment holding, futures and stockbroking.
Basis of preparation
Statement of compliance
The condensed financial statements have been prepared in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)) 1-34 Interim Financial Reporting, and do not include all of the information required for full annual financial statements. These condensed financial statements are to be read in conjunction with the latest annual audited financial statements.
Basis of presentation
The condensed financial statements are presented in Singapore Dollar, rounded to the nearest million unless otherwise stated. # represents amounts less than S$0.5 million. The condensed financial statements have been prepared under the historical cost convention, except as disclosed in the latest annual audited financial statements.
Use of estimates and judgements
The preparation of condensed financial statements in conformity with SFRS(I) requires management to exercise its judgement, use estimates and make assumptions in the application of accounting policies on the reported amounts of assets, liabilities, revenues and expenses. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from these estimates.
In preparing these condensed financial statements, the significant judgements made by management in applying the accounting policies and the key sources of estimation uncertainty were the same as those applied in the financial statements as at and for the year ended 31 December 2024, except for the following additions.
The significant accounting estimates include impairment of financial assets and impairment of goodwill and other intangible assets, as discussed below:
Impairment of financial assets
In determining whether the credit risk of the Group's financial assets/exposures has increased significantly since initial recognition, the Group considers quantitative and qualitative information such as the Group's historical credit assessment experience and available forward-looking information. Expected credit losses (ECL) estimates are based on probability-weighted forward-looking economic scenarios. The parameters used in ECL measurement (probability of default, loss given default and exposure at default) incorporates forward-looking information. The determination of the forward-looking economic scenarios and incorporation of forward-looking information into ECL measurement requires management to exercise judgement based on its assessment of current macroeconomic conditions.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the financial year ended 31 December 2025
Basis of preparation (continued)
Use of estimates and judgements (continued)
Impairment of financial assets (continued)
Allowances for non-credit-impaired loans to customers
As of 31 December 2025, the forward-looking scenarios used in the ECL model have been updated from those as of 31 December 2024, which reflects the latest macroeconomic view. Additionally, post-model adjustments were made to address events that are not incorporated in the baseline ECL. These post-model adjustments were reviewed and approved in accordance with the Group's ECL framework, and were made to more accurately reflect the continued weakness of certain industries and segments.
Sensitivity of ECL
ECL is estimated to increase by S$3,016 million (2024: S$2,173 million) should all the exposures in Stage 1 (12-month ECL) move to Stage 2 (lifetime ECL).
Allowances for credit-impaired loans to customers
In respect of credit-impaired exposures, management judgement and estimation are applied in, amongst others, identifying impaired exposures, estimating the related recoverable cash flows and where applicable, determining collateral values and timing of realisation. Judgements and assumptions in respect of these matters have been updated to reflect the relevant information as of 31 December 2025.
The Group's allowances for credit-impaired loans to customers are disclosed in Note 12.
Impairment of goodwill and other intangible assets
The recoverable amount of goodwill and other intangible assets is determined based on the present value of estimated future cash flows expected to arise from the cash-generating units' continuing operations. In light of current macroeconomic conditions, management reassessed the assumptions applied in estimating the future cash flows, including growth rates and discount rates used in computing the recoverable amount, and determined that no impairment should be recognised during the year.
Changes in accounting policies
The following new/revised financial reporting standards and interpretations were applied with effect from 1 January 2025:
SFRS(I) Title
SFRS(I) 1-21 (Amendments),
SFRS(I) 1 (Amendments)
Lack of Exchangeability
The accounting policies applied by the Group in the condensed financial statements are the same as those applied by the Group in its financial statements as at and for the year ended 31 December 2024, except for the new/revised financial reporting standards and interpretations as set out above. The initial application of the above standards (including their consequential amendments) and interpretations did not have any material impact on the Group's condensed financial statements.
There are a number of new/revised financial reporting standards in issue but not yet effective. They are not expected to have a significant impact on the Group's financial statements when adopted except as described below.
2. Basis of preparation (continued)
Changes in accounting policies (continued)
SFRS(I) 18 Presentation and Disclosure in Financial Statements
SFRS(I) 18 will replace SFRS(I) 1-1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. While SFRS(I) 18 does not impact the recognition and measurement of items in the financial statements, it impacts the presentation and disclosure of the income statement and introduces additional disclosure requirements, in particular those related to the income statement and providing management-defined performance measures within the financial statements.
The Group is currently assessing the impact of applying the new standard on the Group's consolidated financial statements, particularly with respect to the structure of the Group's income statement, disclosure of management-defined performance measures and other additional disclosure requirements.
The Group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required. Therefore, comparative information for the financial year ending 31 December 2026 will be restated in accordance with SFRS(I) 18.
Net interest income
GROUP | ||||
S$ million | 2H 2025 (1) | 2H 2024 (1) | 2025 | 2024 |
Interest income Loans to customers | 6,619 | 7,781 | 13,745 | 15,628 |
Placements with and loans to banks | 1,132 | 1,756 | 2,606 | 3,552 |
Other interest-earning assets | 1,921 | 1,677 | 3,725 | 3,264 |
9,672 | 11,214 | 20,076 | 22,444 | |
Interest expense | ||||
Deposits of non-bank customers | (4,344) | (5,238) | (9,226) | (10,552) |
Deposits and balances of banks | (227) | (246) | (470) | (518) |
Other borrowings | (579) | (842) | (1,230) | (1,619) |
(5,150) | (6,326) | (10,926) | (12,689) | |
Net interest income | 4,522 | 4,888 | 9,150 | 9,755 |
(1)Unaudited and unreviewed.
4. Fees and commissions (net) | GROUP | |||
S$ million | 2H 2025 (1) | 2H 2024 (1) | 2025 | 2024 |
Gross fee and commission income | ||||
Brokerage | 65 | 47 | 118 | 87 |
Credit card | 212 | 205 | 414 | 404 |
Fund management | 64 | 54 | 121 | 108 |
Guarantees | 5 | 5 | 10 | 12 |
Investment banking | 67 | 63 | 144 | 109 |
Loan-related | 138 | 112 | 262 | 213 |
Service charges | 54 | 61 | 116 | 124 |
Trade-related and remittances | 141 | 140 | 278 | 271 |
Wealth management (2) | 819 | 565 | 1,443 | 1,079 |
Others | 18 | 14 | 35 | 26 |
1,583 | 1,266 | 2,941 | 2,433 | |
Fee and commission expense | (298) | (241) | (530) | (463) |
Fees and commissions (net) | 1,285 | 1,025 | 2,411 | 1,970 |
5. Other income | GROUP | |||
S$ million | 2H 2025 (1) | 2H 2024 (1) | 2025 | 2024 |
Disposal of investment securities | 7 | 8 | 58 | 24 |
Disposal/liquidation of subsidiaries and associates | 63 | - | 63 | (#) |
Disposal of property, plant and equipment | 1 | 20 | 18 | 36 |
Rental and property-related income | 48 | 47 | 94 | 91 |
Dividends from FVOCI securities | 17 | 18 | 35 | 35 |
Others | 19 | 67 | 32 | 108 |
Other income | 155 | 160 | 300 | 294 |
6. Other operating expenses | GROUP | |||
S$ million | 2H 2025 (1) | 2H 2024 (1) | 2025 | 2024 |
Property, plant and equipment Depreciation | 282 | 247 | 544 | 456 |
Maintenance and rental | 97 | 115 | 180 | 201 |
Others | 251 | 219 | 462 | 405 |
630 | 581 | 1,186 | 1,062 | |
Other operating expenses | 472 | 456 | 789 | 843 |
Total other operating expenses | 1,102 | 1,037 | 1,975 | 1,905 |
7. Allowances for loans and other assets | GROUP | |||
S$ million | 2H 2025 (1) | 2H 2024 (1) | 2025 | 2024 |
Allowances/(write-back): Impaired loans | 342 | 152 | 486 | 403 |
Impaired other assets | 34 | 40 | 49 | 123 |
Non-impaired loans | (31) | 185 | 124 | 158 |
Non-impaired other assets | (6) | - | 6 | 6 |
Allowances for loans and other assets | 339 | 377 | 665 | 690 |
(1)Unaudited and unreviewed.
(2)Includes trust and custodian fees.
8. Dividends/distributions | GROUP | |
S$ million | 2025 | 2024 |
Ordinary dividends: Final tax-exempt dividend of 41 cents paid for the previous financial year (2024: tax-exempt dividend of 42 cents) | 1,844 | 1,891 |
Interim tax-exempt dividend of 41 cents paid for the current financial year (2024: tax-exempt dividend of 44 cents) | 1,843 | 1,978 |
Special tax-exempt dividend of 16 cents paid for the previous financial year (2024: nil) | 720 | - |
Distributions for other equity instruments: | ||
3.0% perpetual capital securities | 6 | 6 |
3.9% perpetual capital securities | 20 | 20 |
4.5% perpetual capital securities | 25 | 25 |
4.05% perpetual capital securities | 18 | 13 |
5.398% perpetual capital securities issued by subsidiary 16 -
Total dividends and distributions 4,492 3,933
Share capital
GROUP AND BANK
Half year ended 31 Dec (1) Financial year ended 31 Dec
Shares (million)
2025
2024
2025
2024
Issued ordinary shares
At beginning of period/year
4,515
4,515
4,515
4,515
Cancellation of shares
(14)
-
(14)
-
Shares issued to non-executive directors
-
-
#
#
At end of period/year
4,501
4,515
4,501
4,515
Treasury shares
At beginning of period/year
(19)
(21)
(15)
(21)
Share buyback
(13)
(3)
(27)
(13)
Cancellation of shares
14
-
14
-
Share Option Scheme
1
3
4
6
Share Purchase Plan
6
6
7
7
Treasury shares transferred to DSP Trust
-
-
6
6
At end of period/year
(11)
(15)
(11)
(15)
Total issued ordinary shares excluding treasury shares
4,490
4,500
4,490
4,500
Issued share capital (S$ million)
17,887
18,096
17,887
18,096
(1)Unaudited and unreviewed.
(2)# represents less than 500,000 shares.
Pursuant to the share purchase mandate approved at the Annual General Meeting held on 17 April 2025, the Bank purchased a total of 13 million ordinary shares in the half year ended 31 December 2025. The ordinary shares were purchased by way of open market acquisitions at prices ranging from S$16.25 to S$17.13 per share and the total consideration paid was S$216 million (including transaction costs).
As at 31 December 2025, the number of options outstanding under the OCBC Share Option Scheme 2001 was 5 million (31 December 2024: 8 million) and the number of acquisition rights outstanding under the OCBC Employee Share Purchase Plan was 15 million (31 December 2024: 16 million).
Deposits and balances of non-bank customers and banks
GROUP
S$ million
31 Dec 2025
31 Dec 2024
Deposits of non-bank customers
Fixed deposits
166,140
161,185
Savings deposits
105,869
81,150
Current accounts
111,441
109,603
Others
44,836
38,749
428,286
390,687
Deposits and balances of banks
15,280
11,565
Total deposits
443,566
402,252
Debt issued
GROUP
S$ million
31 Dec 2025
31 Dec 2024
Unsecured
Subordinated debt
3,551
3,492
Fixed and floating rate notes
4,689
3,938
Commercial paper
15,299
17,867
Structured notes
5,428
4,833
Secured
Covered bonds
1,515
1,423
30,482
31,553
Debt issued by maturity
Within one year
19,630
23,860
Over one year
10,852
7,693
30,482
31,553
Loans to customers
GROUP
S$ million
31 Dec 2025
31 Dec 2024
Gross loans Allowances
341,120
319,166
Impaired loans
(1,577)
(1,278)
Non-impaired loans
(2,851)
(2,792)
Net loans
336,692
315,096
Segment information
The Group provides operating segment information primarily by business and additional segment information by geography.
13.1 Business segments | ||||||
Global Consumer/ | Global | |||||
S$ million | Private Banking | Wholesale Banking | Global Markets | Insurance | Others | Group |
Half year ended 31 December 2025 (1) | ||||||
Net interest income | 1,444 | 2,401 | 539 | 102 | 36 | 4,522 |
Non-interest income | 1,349 | 580 | 184 | 800 | (23) | 2,890 |
Total income | 2,793 | 2,981 | 723 | 902 | 13 | 7,412 |
Operating profit before allowances and amortisation | 1,165 | 2,044 | 487 | 760 | (122) | 4,334 |
Amortisation of intangible assets | (7) | - | - | (3) | - | (10) |
Allowances for loans and other assets | (50) | (257) | 7 | - | (39) | (339) |
Operating profit after allowances and amortisation | 1,108 | 1,787 | 494 | 757 | (161) | 3,985 |
Share of results of associates, net of tax | - | - | - | - | 540 | 540 |
Profit before income tax | 1,108 | 1,787 | 494 | 757 | 379 | 4,525 |
Other information: Capital expenditure | 56 | 14 | 1 | 75 | 636 | 782 |
Depreciation | 56 | 10 | 2 | 7 | 207 | 282 |
Half year ended 31 December 2024 (1) | ||||||
Net interest income | 1,603 | 2,522 | 337 | 89 | 337 | 4,888 |
Non-interest income | 1,018 | 522 | 265 | 502 | 23 | 2,330 |
Total income | 2,621 | 3,044 | 602 | 591 | 360 | 7,218 |
Operating profit before allowances and amortisation | 1,045 | 2,092 | 363 | 492 | 203 | 4,195 |
Amortisation of intangible assets | (8) | - | - | (4) | - | (12) |
Allowances for loans and other assets | (24) | (365) | - | 2 | 10 | (377) |
Operating profit after allowances and amortisation | 1,013 | 1,727 | 363 | 490 | 213 | 3,806 |
Share of results of associates, net of tax | - | - | - | - | 496 | 496 |
Profit before income tax | 1,013 | 1,727 | 363 | 490 | 709 | 4,302 |
Other information: | ||||||
Capital expenditure | 48 | 8 | - | 66 | 339 | 461 |
Depreciation | 53 | 7 | 3 | 4 | 180 | 247 |
(1)Unaudited and unreviewed.
13. Segment information (continued)
13.1 Business segments (continued) | ||||||
Global Consumer/ | Global | |||||
S$ million | Private Banking | Wholesale Banking | Global Markets | Insurance | Others | Group |
Year ended 31 December 2025 | ||||||
Net interest income | 2,945 | 4,807 | 1,029 | 205 | 164 | 9,150 |
Non-interest income | 2,468 | 1,118 | 381 | 1,517 | (20) | 5,464 |
Total income | 5,413 | 5,925 | 1,410 | 1,722 | 144 | 14,614 |
Operating profit before allowances and amortisation | 2,278 | 4,087 | 945 | 1,497 | (75) | 8,732 |
Amortisation of intangible assets | (14) | - | - | (7) | - | (21) |
Allowances for loans and other assets | (55) | (499) | 3 | 1 | (115) | (665) |
Operating profit after allowances and amortisation | 2,209 | 3,588 | 948 | 1,491 | (190) | 8,046 |
Share of results of associates, net of tax | - | - | - | - | 1,077 | 1,077 |
Profit before income tax | 2,209 | 3,588 | 948 | 1,491 | 887 | 9,123 |
Other information: Capital expenditure | 93 | 49 | 1 | 120 | 829 | 1,092 |
Depreciation | 105 | 18 | 5 | 10 | 406 | 544 |
Year ended 31 December 2024 | ||||||
Net interest income | 3,242 | 5,085 | 560 | 173 | 695 | 9,755 |
Non-interest income | 1,963 | 990 | 436 | 1,253 | 76 | 4,718 |
Total income | 5,205 | 6,075 | 996 | 1,426 | 771 | 14,473 |
Operating profit before allowances and amortisation | 2,252 | 4,264 | 575 | 1,216 | 424 | 8,731 |
Amortisation of intangible assets | (15) | - | - | (24) | (20) | (59) |
Allowances for loans and other assets | (66) | (808) | (9) | (2) | 195 | (690) |
Operating profit after allowances and amortisation | 2,171 | 3,456 | 566 | 1,190 | 599 | 7,982 |
Share of results of associates, net of tax | - | - | - | - | 994 | 994 |
Profit before income tax | 2,171 | 3,456 | 566 | 1,190 | 1,593 | 8,976 |
Other information: Capital expenditure | 86 | 17 | 1 | 114 | 470 | 688 |
Depreciation | 99 | 14 | 4 | 7 | 332 | 456 |
Segment information (continued)
Business segments (continued)
S$ million | Global Consumer/ Private Banking | Global Wholesale Banking | Global Markets | Insurance | Others | Group |
At 31 December 2025 | ||||||
Segment assets | 151,401 | 225,800 | 157,042 | 122,970 | 53,198 | 710,411 |
Unallocated assets | 489 | |||||
Elimination | (35,212) | |||||
Total assets | 675,688 | |||||
Segment liabilities | 217,383 | 188,350 | 89,171 | 111,187 | 39,130 | 645,221 |
Unallocated liabilities | 2,109 | |||||
Elimination | (35,212) | |||||
Total liabilities | 612,118 | |||||
Other information: Gross non-bank loans | 116,645 | 220,055 | 3,773 | 480 | 167 | 341,120 |
Non-performing assets | 654 | 2,586 | 2 | 1 | - | 3,243 |
At 31 December 2024 Segment assets | 147,452 | 212,508 | 139,864 | 114,296 | 54,798 | 668,918 |
Unallocated assets | 538 | |||||
Elimination | (44,406) | |||||
Total assets | 625,050 | |||||
Segment liabilities | 207,593 | 165,784 | 82,282 | 104,402 | 47,295 | 607,356 |
Unallocated liabilities | 1,720 | |||||
Elimination | (44,406) | |||||
Total liabilities | 564,670 | |||||
Other information: Gross non-bank loans | 107,752 | 207,785 | 3,189 | 323 | 117 | 319,166 |
Non-performing assets | 577 | 2,288 | 3 | 1 | - | 2,869 |
Segment information (continued)
Business segments (continued)
OCBC Group's businesses are presented in the following customer segments and business activities: Global Consumer/Private Banking, Global Wholesale Banking, Global Markets and Insurance.
Global Consumer/Private Banking
Global Consumer/Private Banking provides a full range of products and services to individual customers. At Global Consumer Banking, the products and services offered include deposit products (checking accounts, savings and fixed deposits), consumer loans (housing loans and other personal loans), credit cards, investments and wealth management products. Private Banking caters to the specialised banking needs of high net worth individuals, offering wealth management expertise, including investment advice and portfolio management services, estate and trust planning, and wealth structuring.
Global Wholesale Banking
Global Wholesale Banking serves institutional customers ranging from large corporates and the public sector to small and medium enterprises. The business provides a full range of financing solutions including long-term project financing, short-term credit, working capital and trade financing, as well as customised and structured equity-linked financing. It also provides customers with a broad range of products and services such as cash management and custodian services, capital market solutions, corporate finance services and advisory banking, and treasury products.
Global Markets
Global Markets is responsible for the management of the Group's asset and liability interest rate positions, engages in foreign exchange activities, money market operations, fixed income and derivatives trading, and offers structured treasury products, digital assets, brokerage services and financial solutions to meet customers' investment and hedging needs. Income from treasury products and services offered to customers in Global Consumer/Private Banking and Global Wholesale Banking, is reflected in the respective business segments.
Insurance
The Group's insurance business, including its fund management activities, is undertaken by the Bank's subsidiary Great Eastern Holdings Limited and its subsidiaries, which provide both life and general insurance products to its customers mainly in Singapore and Malaysia.
Others
Others comprise mainly property holding, investment holding and items not attributable to the business segments described above.
Where there are material changes in the organisational structure and management reporting methodologies, segment information for prior periods is reclassified to allow comparability.
Segment information (continued)
13.2 Geographical segments
S$ million
2H 2025 (1)
2H 2024 (1)
2025
2024
Total income
Singapore
4,381
4,347
8,644
8,913
Malaysia
924
844
1,860
1,655
Indonesia
532
559
1,054
1,085
Greater China
1,036
972
2,008
1,863
Other Asia Pacific
167
156
323
309
Rest of the World
372
340
725
648
7,412
7,218
14,614
14,473
Operating profit before allowances
and amortisation
Singapore
2,580
2,534
5,137
5,447
Malaysia
646
589
1,357
1,174
Indonesia
265
276
536
539
Greater China
526
479
1,008
923
Other Asia Pacific
115
111
228
213
Rest of the World
202
206
466
435
4,334
4,195
8,732
8,731
Profit before income tax
Singapore
2,624
2,587
5,056
5,489
Malaysia
666
558
1,378
1,139
Indonesia
237
256
493
527
Greater China
811
620
1,671
1,277
Other Asia Pacific
107
83
179
149
Rest of the World
80
198
346
395
4,525
4,302
9,123
8,976
(1)Unaudited and unreviewed.
S$ million
31 Dec 2025
31 Dec 2024
Total assets
Singapore
396,538
362,744
Malaysia
74,955
68,066
Indonesia
24,895
24,657
Greater China
105,110
103,540
Other Asia Pacific
25,456
22,945
Rest of the World
48,734
43,098
675,688 625,050
The geographical segment analysis is based on the location where assets or transactions are booked. The geographical information is stated after elimination of intra-group transactions and balances.
Fair values of financial instruments
Valuation governance framework
The Group has an established governance framework with respect to the measurement of fair values, which includes formalised processes for the review and validation of fair values independent of the businesses entering into the transactions.
The Market Risk Management (MRM) function within the Group Risk Management Division (GRM) is responsible for the model validation process. Financial models are used to price financial instruments and to calculate value-at-risk (VaR). MRM ensures that the models used are fit for their intended purposes through internal independent validation and periodic review. MRM sources market rates independently for risk measurement and valuation.
The Treasury Financial Control and Advisory - Valuation Control function within the Group Finance Division is responsible for the establishment of the overall valuation control framework. This includes, but is not limited to, reviewing and recommending appropriate valuation adjustment methodologies, independent price testing, and identifying valuation gaps.
Valuation policies are formulated and reviewed annually by the Valuation Control function, and approved by the Market Risk Management Committee, the Group Chief Executive Officer (CEO) and Board Risk Management Committee (BRMC). Valuation adjustments are applied to account for input parameter uncertainties, known model deficiencies and other factors that may affect valuation. The main valuation adjustments are described below.
Bid Offer Adjustments
Bid offer adjustments are applied to account for close out cost when a position is marked at mid-price.
Model Risk Adjustments
Model risk adjustments are applied when there are inherent limitations in the valuation models used by the Bank.
Day 1 Profit or Loss Adjustments
Day 1 profit or loss adjustments are applied when the valuation technique involves the use of significant inputs which are not readily observable. The difference between the fair value at initial recognition and the transaction price is deferred as an adjustment.
The Day 1 profit or loss adjustments are released to the income statement when the significant inputs become observable, when the transaction is derecognised or amortised over the life of the transaction.
Credit Valuation Adjustments
Credit valuation adjustments are applied to account for the expected losses due to counterparty default on derivative positions.
Collateral Valuation Adjustments
Collateral valuation adjustments may be applied to collateralised derivatives due to deviations from perfect collateralisation such as when the derivative is denominated in one currency but is collateralised in another currency.
Parameter Uncertainty Adjustments
These valuation adjustments mainly include adjustments for illiquid prices or internal methodologies used to derive model inputs.
The Group's internal audit provides independent assurance on the respective divisions' compliance with the policy.
14. Fair values of financial instruments (continued)
Fair values
Financial instruments comprise financial assets, financial liabilities and off-balance sheet financial instruments. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. For financial assets and liabilities not carried at fair value on the financial statements, the Group has determined that their fair values were not materially different from the carrying amounts at the reporting date. The carrying amounts and fair values of financial instruments of the Group are described below.
Financial assets
Fair values of cash and balances with central banks, placements with banks, interest and other short term receivables are expected to approximate their carrying amounts due to their short tenor or frequent re-pricing.
Securities held by the Group, comprising government securities and debt and equity securities are substantially carried at fair value on the balance sheet.
Non-bank customer loans are mainly carried at amortised cost on the balance sheet, net of allowances for impaired and non-impaired loans. The Group deems that the carrying amounts of non-bank loans approximate their fair values as substantially all the loans are subject to frequent re-pricing.
Financial liabilities
Fair value of certain financial liabilities, which include mainly customer deposits with no stated maturity, interbank borrowings and borrowings under repurchase agreements, are expected to approximate their carrying amounts due to their short tenor. For non-bank customer term deposits, contractual or derived cash flows are discounted at market rates as at reporting date to estimate the fair values, which approximate the carrying amounts.
The fair values of the Group's subordinated term notes and covered bonds are determined based on quoted market prices and independent broker offer prices. For other debts issued which are usually short term, the fair values approximate the carrying amounts.
Fair value hierarchy
The Group determines the fair values of its financial assets and liabilities using various measurements. The different levels of fair value measurements are as follows:
Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 - inputs other than quoted prices included within Level 1 that are observable market data either directly (i.e. as prices) or indirectly (i.e. derived from observable market data). The valuation techniques that use market parameters as inputs include, but are not limited to, yield curves, volatilities and foreign exchange rates; and
Level 3 - inputs for the valuation that are not based on observable market data.
14. Fair values of financial instruments (continued)
14.3 Fair value hierarchy (continued)
The following table summarises the Group's assets and liabilities measured at fair values subsequent to initial recognition by level of the fair value hierarchy:
GROUP 31 Dec 2025 31 Dec 2024
S$ million Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
Placements with and
loans to banks | 4,182 | 15,213 | - | 19,395 | 11,383 | 10,514 | - | 21,897 | |
Debt and equity | |||||||||
securities | 36,705 | 12,684 | 1,951 | 51,340 | 31,176 | 9,405 | 2,059 | 42,640 | |
Derivative receivables | 117 | 12,261 | 657 | 13,035 | 45 | 16,574 | 584 | 17,203 | |
Government treasury bills | |||||||||
and securities | 44,865 | 7,875 | - | 52,740 | 28,766 | 5,502 | - | 34,268 | |
Assets for life insurance | |||||||||
funds | 53,137 | 42,625 | 4,614 | 100,376 | 63,363 | 27,271 | 3,648 | 94,282 | |
Total | 139,006 | 90,658 | 7,222 | 236,886 | 134,733 | 69,266 | 6,291 | 210,290 | |
Non-financial assets measured at fair value
Investment properties for
life insurance funds | - - | 2,095 | 2,095 | - - | 1,939 | 1,939 | |||
Associates | - - | 86 | 86 | - - | 68 | 68 | |||
Total | - - | 2,181 | 2,181 | - - | 2,007 | 2,007 | |||
Financial liabilities measured at fair value | |||||||||
Derivative payables | 314 | 13,205 | 559 | 14,078 | 160 | 15,482 | 596 | 16,238 | |
Trading portfolio liabilities Debt issued/other deposits | 197 - | - 3,396 | - 1,212 | 197 4,608 | 281 - | - 3,436 | - - | 281 3,436 | |
Other liabilities for life insurance funds | 64 | 142 | - | 206 | 237 | 458 | - | 695 | |
Total | 575 | 16,743 | 1,771 | 19,089 | 678 | 19,376 | 596 | 20,650 | |
During the financial year, the Group transferred financial assets from Level 2 to Level 1 as prices became observable arising from increased market activity. Financial assets were also transferred from Level 1 to Level 2 when quoted prices become unobservable arising from reduced market activity.
14. Fair values of financial instruments (continued)
14.3 Fair value hierarchy (continued)
Valuation techniques and unobservable inputs for Level 3 instruments
GROUP | Fair value at | |||
S$ million | 31 Dec 2025 | Classification | Valuation techniques | Unobservable inputs |
Financial assets Equity securities | 1,951 | FVTPL/FVOCI | Net asset value/ | Value of net asset/ |
Multiples/Discounted | Earnings and | |||
cash flows | multiples/Cash flows and | |||
discount rate | ||||
Derivative receivables | 657 | FVTPL | Option pricing model | Volatility/Correlation |
Derivatives pricing | Yield curve | |||
Assets for life insurance | 4,614 | FVTPL/FVOCI | Net asset value | Value of net asset |
funds | ||||
Total | 7,222 | |||
Financial liabilities | ||||
Derivative payables | 559 | FVTPL | Option pricing model | Volatility/Correlation |
Derivatives pricing | Yield curve | |||
Debt issued | 1,212 | FVTPL | Net asset value | Value of net asset |
Total | 1,771 | |||
GROUP S$ million | Fair value at 31 Dec 2024 | Classification | Valuation techniques | Unobservable inputs |
Financial assets Equity securities | 2,059 | FVTPL/FVOCI | Net asset value/ | Value of net asset/ |
Multiples/Discounted | Earnings and | |||
cash flows | multiples/Cash flows and | |||
discount rate | ||||
Derivative receivables | 584 | FVTPL | Option pricing model | Volatility/Correlation |
Derivatives pricing | Yield curve | |||
Assets for life insurance | 3,648 | FVTPL/FVOCI | Net asset value | Value of net asset |
funds | ||||
Total | 6,291 | |||
Financial liabilities | ||||
Derivative payables | 596 | FVTPL | Option pricing model | Volatility/Correlation |
Derivatives pricing | Yield curve | |||
Total | 596 | |||
14. Fair values of financial instruments (continued)
14.3 Fair value hierarchy (continued)
Movements in Level 3 financial assets and liabilities
GROUP
S$ million
Financial assets measured at fair value
Debt and equity securities
Loans to customers
Derivative receivables
Assets for life insurance
funds Total
At 1 January 2025 | 2,059 | - | 584 | 3,648 | 6,291 |
Additions | 661 | - | 29 | 1,457 | 2,147 |
Settlements/disposals | (455) | - | (35) | (378) | (868) |
(Losses)/gains recognised in - profit or loss | (295) | - | 96 | (115) | (314) |
- other comprehensive income | (19) | - | (17) | 2 | (34) |
At 31 December 2025 | 1,951 | - | 657 | 4,614 | 7,222 |
Unrealised (losses)/gains included in profit or loss for assets held at the end of the year | (138) | - | 721 | (115) | 468 |
GROUP
S$ million
Financial assets measured at fair value
Debt and equity securities
Loans to customers
Derivative receivables
Assets for life insurance
funds Total
At 1 January 2024 | 2,930 | 10 | 497 | 2,793 | 6,230 | |
Additions | 142 | - | 31 | 1,032 | 1,205 | |
Settlements/disposals | (223) | (15) | (27) | (198) | (463) | |
Transfer out (1) | (461) | - | (108) | - | (569) | |
(Losses)/gains recognised in - profit or loss | (275) | 5 | 179 | 21 | (70) | |
- other comprehensive income | (54) | - | 12 | (#) | (42) | |
At 31 December 2024 | 2,059 | - | 584 | 3,648 | 6,291 | |
Unrealised (losses)/gains included in profit or loss for assets held at the end of the year | (291) | - | 622 | 21 | 352 | |
(1)Relates to transfers from Level 3 to Level 2 due to use of inputs based on market observable data. | ||||||
2025 | 2024 | |||||
GROUP | Debt | Derivative | Derivative | |||
S$ million | issued | payables | Total | payables | Total | |
Financial liabilities measured at fair value | ||||||
At 1 January | - | 596 | 596 | 616 | 616 | |
Additions | 1,318 | 29 | 1,347 | 30 | 30 | |
Settlements/disposals | - | (36) | (36) | (27) | (27) | |
Transfer out (1) | - | - | - | (117) | (117) | |
(Gains)/losses recognised in | ||||||
- profit or loss | (106) | (13) | (119) | 82 | 82 | |
- other comprehensive income | - | (17) | (17) | 12 | 12 | |
At 31 December | 1,212 | 559 | 1,771 | 596 | 596 | |
Unrealised gains/(losses) included in profit | ||||||
or loss for liabilities held at the end of the | ||||||
year | 106 | (609) | (503) | (524) | (524) | |
(1)Relates to transfers from Level 3 to Level 2 due to use of inputs based on market observable data.
14. Fair values of financial instruments (continued)
14.3 Fair value hierarchy (continued)
Movements in Level 3 non-financial assets
2025 2024
GROUP
S$ million
Non-financial assets measured at fair value
Investment properties for life insurance
funds (1) Associates (2) Total
Investment properties for life insurance
funds (1) Associates (2) Total
At 1 January 1,939 | 68 | 2,007 | 1,881 | 95 | 1,976 | |
Additions 1 | - | 1 | 7 | - | 7 | |
plant and equipment 12 | - | 12 | - | - | - | |
- profit or loss 131 | 15 | 146 | 34 | (32) | 2 | |
- other comprehensive income 12 3 15 | 17 | 5 | 22 | |||
At 31 December | 2,095 | 86 | 2,181 | 1,939 | 68 | 2,007 |
Reclassification from property,
Gains/(losses) recognised in
(1)The fair value of investment properties is determined based on a combination of income approach, comparison approach and capitalisation approach under Level 3 fair value measurements.
(2)The fair value of investment in associate is determined based on income approach under Level 3 fair value measurements.
Other Information Required by Listing Rule Appendix 7.2
OTHER INFORMATION
Audit or review
The consolidated income statement and consolidated statement of comprehensive income of Oversea-Chinese Banking Corporation Limited (the Bank) and its subsidiaries (the Group) for the six-month period ended 31 December 2025 and certain explanatory notes as presented in this announcement have not been audited or reviewed.
The Group has prepared a separate set of financial statements for the year ended 31 December 2025 in accordance with Singapore Financial Reporting Standards (International), on which a separate auditor's report dated 24 February 2026 has been issued. A copy of this auditor's report is attached to this announcement.
Review of the performance of the Group for the financial year ended 31 December 2025
Please refer to the "Media Release" section.
Dividend information
Please refer to "Letter to Shareholders".
Interested person transactions
The Bank has not obtained a general mandate from shareholders for Interested Person Transactions pursuant to Rule 920(1) of the Listing Manual.
Disclosure of persons occupying managerial positions who are related to a director, CEO or substantial shareholder
Pursuant to Rule 704(13) of the Listing Manual, for the financial year ended 31 December 2025, there was no person occupying managerial position in the Bank or in any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the Bank.
Undertaking from directors and executive officers
The Bank has procured undertakings from all its directors and executive officers in the format set out in Appendix 7.7 of the Listing Manual pursuant to Rule 720(1) of the Listing Manual.
The auditor's report dated 24 February 2026, as extracted from the financial statements of Oversea-Chinese Banking Corporation Limited and its subsidiaries for the year ended 31 December 2025, which have been prepared in accordance with Singapore Financial Reporting Standards (International), is as follows:
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OVERSEA-CHINESE BANKING CORPORATION LIMITEDReport on the Audit of the Financial Statements Our Opinion
In our opinion, the accompanying consolidated financial statements ofOversea-Chinese Banking Corporation Limited
("the Bank") and its subsidiaries ("the Group") and the balance sheet, income statement, statement of comprehensive income and statement of changes in equity of the Bank are properly drawn up in accordance with the provisions of the Companies Act 1967 ("the Act") and Singapore Financial Reporting Standards (International) ("SFRS(I)s") so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Bank as at 31 December 2025 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group and of the financial performance and changes in equity of the Bank for the financial year ended on that date.
What we have audited
The financial statements of the Bank and the Group comprise:
the income statements of the Group and of the Bank for the financial year ended 31 December 2025;
the statements of comprehensive income of the Group and of the Bank for the financial year then ended;
the balance sheets of the Group and of the Bank as at 31 December 2025;
the statement of changes in equity of the Group for the financial year then ended;
the statement of changes in equity of the Bank for the financial year then ended;
the consolidated cash flow statement of the Group for the financial year then ended; and
the notes to the financial statements, including material accounting policy information.
Basis for Opinion
We conducted our audit in accordance with Singapore Standards on Auditing ("SSAs"). Our responsibilities under those standards are further described in the Auditor's Responsibilitiesfor the Audit ofthe Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities ("ACRA Code"), as applicable to audits of financial statements of public interest entities, together with the ethical requirements that are relevant to audits of the financial statements of public interest entities in Singapore. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code.
Our Audit Approach
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the accompanying financial statements. In particular, we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.