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Singapore bank OCBC flags recovery signs after fourth-quarter profit decline


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SINGAPORE (Reuters) - Singapore’s second-biggest listed bank, Oversea-Chinese Banking Corp Ltd, flagged an improvement in its business outlook after full-year profit fell 26% in pandemic-hit markets.
FILE PHOTO: Children pass by an OCBC bank branch in Singapore November 4, 2020. REUTERS/Edgar Su
The bank reported a lower-than-expected drop in quarterly profit and joined larger peer DBS Group in signalling a pick-up in growth after a difficult year.
“OCBC is well positioned for recovery,” said Kevin Kwek, a senior analyst at Stanford C. Bernstein. “The beat came from good cost control with some help from stabilising margins, even though loan growth was expectedly weak and provisions stayed relatively high.” ....

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OCBC 4Q Net Fell 9% as Covid-19 Weighed on Performance

OCBC 4Q Net Fell 9% as Covid-19 Weighed on Performance
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