By P.R. Venkat Oversea-Chinese Banking Corp. s first-quarter net profit more than doubled mainly supported by lower allowances and higher non-interest income. Net profit for the quarter was 1.50 billion Singapore dollars (US$1.12 billion) compared to S$698 million in the same period year ago, OCBC said Friday. Total income was up 15% to S$2.91 billion, with total non-interest income that includes trading revenues rose 70% to S$1.47 billion. Allowances during the quarter came in at S$161 million from S$657 million set aside in the last year period due to Covid-19 pandemic. While we remain watchful of the prevailing risks in the operating environment, our strong balance sheet and capital position will enable us to capitalise on opportunities arising from improved economic conditions, particularly in ASEAN and Greater China, OCBC Chief Executive Helen Wong said.
OCBC doubles Q1 profit, rounds up strong outlook for Singapore banks Toggle share menu
Advertisement
OCBC doubles Q1 profit, rounds up strong outlook for Singapore banks
FILE PHOTO: People pass by an OCBC bank branch in Singapore on Nov 4, 2020. (Reuters/Edgar Su)
07 May 2021 07:38AM (Updated:
07 May 2021 08:50AM) Share this content
Bookmark
SINGAPORE: Oversea-Chinese Banking Corp (OCBC) more than doubled its quarterly profit on Friday (May 7) as it handily beat market estimates thanks to a robust performance in its wealth management business and a drop in credit allowances.
The results rounded up a strong showing by DBS Group and United Overseas Bank in tandem with a recovering global economy that is helping boost bank earning across many countries.
Results come after strong performances by DBS, UOB Banks boosted by improving asset quality (Recasts, adds analyst comment, details from results)
SINGAPORE, May 7 (Reuters) - Singapore’s Oversea-Chinese Banking Corp more than doubled its quarterly profit on Friday as it handily beat market estimates thanks to a robust performance in its wealth management business and a drop in credit allowances.
The results rounded up a strong showing by Singapore lenders DBS Group and United Overseas Bank in tandem with a recovering global economy that is helping boost bank earning across many countries.
Kevin Kwek, a senior analyst at Stanford C. Bernstein, said OCBC and DBS had the stronger performance among the banks, though “loan growth for OCBC was however the weakest, flat y-o-y, so any improvement there could help sustain the recovery.”
SINGAPORE (Reuters): Singapore bank earnings show lenders on track to follow global peers bouncing back from a pandemic-hit year, beating estimates as economic recovery helps them reduce loan-loss provisions on top of strong wealth management business.
On Friday (May 7), Oversea-Chinese Banking Corp, Singapore s second-largest listed lender, more than doubled its quarterly profit, rounding up a strong showing by DBS Group and United Overseas Bank. We expect that the recovering macroeconomic environment will result in further improvements in the profitability of large Singaporean banks in 2021, supporting their very high Aa1 credit ratings, said Eugene Tarzimanov, a senior credit officer at Moody s Investors Service.
Results come after strong performances by DBS, UOB Banks’ benefit from improving asset quality Macroeconomic backdrop to boost profitability -Moody’s (Recasts, adds Moody’s comments)
SINGAPORE, May 7 (Reuters) - Singapore bank earnings show lenders on track to follow global peers bouncing back from a pandemic-hit year, beating estimates as economic recovery helps them reduce loan-loss provisions on top of strong wealth management business.
On Friday, Oversea-Chinese Banking Corp, Singapore’s second-largest listed lender, more than doubled its quarterly profit, rounding up a strong showing by DBS Group and United Overseas Bank.
“We expect that the recovering macroeconomic environment will result in further improvements in the profitability of large Singaporean banks in 2021, supporting their very high Aa1 credit ratings,” said Eugene Tarzimanov, a senior credit officer at Moody’s Investors Service.