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☆ Singapore bank OCBC second-quarter earnings rise; sees rate cuts from 2024
▼ + stars: | 2023-08-04 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +3 min

The quarterly results from OCBC, also Southeast Asia's second largest lender by assets, rounded up a strong earnings season by Singapore banks as DBS Group (DBSM.SI) and United Overseas Bank (UOBH.SI) also delivered double-digit profit growth. Besides higher interest rates, Singapore lenders have also benefited from strong inflows from wealthy customers amid global uncertainty, including U.S.-China geopolitical tensions, because of the city-state's status as a financial safe-haven. The figure compared with a mean estimate of a S$1.76 billion profit from four analysts polled by Refinitiv. The bank projected its full-year net interest margin, a key profitability gauge, to be above 2.2%, return on equity in the range of 14% and low-to-mid single-digit loan growth. ($1 = 1.3410 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Tom Hogue, Shri Navaratnam and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: ROE, Helen Wong, Thilan Wickramasinghe, OCBC, Wong, Yantoultra Ngui, Tom Hogue, Shri Navaratnam, Jamie Freed Organizations: Chinese Banking Corp, DBS, United Overseas Bank, Maybank Securities, Refinitiv, Thomson Locations: Singapore, SINGAPORE, Asia's, U.S, China, Malaysia

☆ OCBC looks to ASEAN-China links to achieve additional $2.2 billion in revenue by 2025
▼ + stars: | 2023-07-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOCBC looks to ASEAN-China links to achieve additional $2.2 billion in revenue by 2025CEO Helen Wong expects trade links between ASEAN and the Greater China region — including Hong Kong and Macao — to grow, benefiting OCBC which has a sizable presence in the region.

Persons: Helen Wong Organizations: ASEAN Locations: ASEAN, China, Greater China, Hong Kong, Macao

☆ OCBC is looking to Greater China and Southeast Asia for a $2.2 billion boost in revenue
▼ + stars: | 2023-07-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Singapore's Oversea-Chinese Banking Corporation has set its sights on "longer term opportunities" in Greater China and Southeast Asia and expects the strategy to bring an additional revenue of $2.2 billion by 2025, CEO Helen Wong told CNBC on Monday. Southeast Asia's second largest bank announced Monday that it will be unifying its brand across its core markets in Greater China — which includes Hong Kong and Macao — as well as Southeast Asia. "If you look at macro trends, Greater China and ASEAN together is going to continue to contribute more to the world's GDP growth," Wong told CNBC, referring to the 10-nation Association of South East Asian Nations bloc. "If you look at the trade numbers for the last four years, China and ASEAN — they're growing at a CAGR of 13%," she added. As such, while the OCBC has seen slowing economic growth in some countries in the region, Wong said she's confident it will be able to capture growth as it "puts our act together."

Persons: Singapore's Oversea, Helen Wong, Wong Organizations: Chinese Banking Corporation, CNBC, Macao —, Association of South East Asian Nations, ASEAN —, ASEAN Locations: Greater China, Southeast Asia, Asia's, Hong Kong, Macao, China, ASEAN

☆ Singapore's OCBC expects to deliver $2.2 billion in extra revenue by 2025
▼ + stars: | 2023-07-03 | by ( ) www.cnbc.com time to read: +1 min

Singapore's second-biggest lender Oversea-Chinese Banking Corp , or OCBC, said on Monday it expects to deliver an additional revenue of 3 billion Singapore dollars, or $2.22 billion, by 2025, after it posted a record first-quarter profit in May. The bank did not disclose its 2025 total revenue target. Its total revenue in 2022 was SG$11.68 billion. OCBC will invest more than SG$50 million over the next three years to build up its transaction banking capabilities in greater China, it said in its statement. It targets to achieve more than 500 regional mandates for cash management over the next five years, it added.

Persons: Singapore's, OCBC, Helen Wong Organizations: Chinese Banking Corp, ASEAN Locations: China, Southeast Asia

☆ Singapore bank OCBC posts record quarterly profit, upgrades margin guidance
▼ + stars: | 2023-05-10 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

OCBC, which is also Southeast Asia's second-biggest bank by assets, said January-March net profit rose 39% to S$1.88 billion ($1.42 billion), beating the mean estimate of S$1.74 billion from five analysts polled by Refinitiv. OCBC reported a total net interest margin, a key gauge of profitability, of 2.30% for the first quarter, up from 1.55% in the same period a year earlier. The bank forecast a full-year net interest margin of about 2.2%, up from 2.1% previously. The first quarter was also strong for Singapore's other major banks, with larger peer DBS Group (DBSM.SI) reporting last week a 43% jump in first quarter net profit that was also a record. Smaller United Overseas Bank (UOBH.SI) posted last month a 74% surge in core net profit.

OCBC, which is also Southeast Asia's second-biggest bank by assets, said January-March net profit rose to a record S$1.88 billion ($1.42 billion) from S$1.36 billion a year earlier. The bank reported a total net interest margin, a key gauge of profitability, of 2.30% for the first quarter, up from 1.55% in the same period a year earlier. OCBC expected full-year net interest margin in the region of 2.2%. The first quarter was also strong for Singapore's other major banks, with larger peer DBS Group (DBSM.SI) reporting last week a 43% jump in first quarter net profit that was also a record. Smaller United Overseas Bank (UOBH.SI) posted last month a 74% surge in core net profit.

☆ OCBC profit surges 31% in record quarter for Singapore banks
▼ + stars: | 2022-11-04 | by ( Anshuman Daga | ) www.reuters.com time to read: +2 min

"Net interest income grew on higher net interest margin and loan growth was sustained," Group CEO Helen Wong said in a statement, adding that asset quality was healthy, with no indication of systemic stress. OCBC's net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data. On Thursday, OCBC's larger peer DBS Group (DBSM.SI) reported a forecast-beating 32% jump in quarterly profit to a record high while UOB Group (UOBH.SI) also posted a record quarterly profit. The bank's net interest margin, a key gauge of profitability, increased 54 basis points to 2.06% in the quarter. ($1 = 1.4214 Singapore dollars)Reporting by Anshuman Daga; Editing by Christopher Cushing and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ OCBC profit jumps 31%, rounding up record quarter for Singapore banks
▼ + stars: | 2022-11-04 | by ( ) www.cnbc.com time to read: +2 min

In this article OCBC-SG Follow your favorite stocks CREATE FREE ACCOUNTThe signage of Oversea-Chinese Banking Corp. (OCBC) at OCBC Centre in Singapore, on Wednesday, Aug. 3, 2022. Edwin Koo | Bloomberg | Getty ImagesSoutheast Asia's second-largest lender Oversea-Chinese Banking Corp (OCBC) joined its Singapore peers in beating market estimates and pumping out record quarterly profits as banks rake it in on higher interest rates. But analysts say growth could be derailed by a big increase in U.S. interest rates — already at multi-year highs — as central banks try and tackle runaway inflation. watch nowOCBC said on Friday its net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data. On Thursday, the bank's larger peer DBS Group reported a forecast-beating 32% jump in quarterly profit to a record high while UOB Group also posted a record quarterly profit.

☆ Singapore bank OCBC's Q3 profit surges to record on rates
▼ + stars: | 2022-11-03 | by ( Anshuman Daga | ) www.reuters.com time to read: +1 min

The results rounded up a strong showing by Singapore banks after larger peer DBS Group (DBSM.SI) reported a forecast-beating 32% jump in quarterly profit to a record high and UOB Group (UOBH.SI) also posted a record quarterly profit. Singapore banks, which boast one of the strongest capital buffers in the world, have effectively weathered the COVID-19-induced slump and are now benefiting from rebounding Asian economies. Singapore-based OCBC's net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data. "Net interest income grew on higher net interest margin and loan growth was sustained," Group Chief Executive Helen Wong said in a statement on Friday. The bank's net interest margin, a key gauge of profitability, increased 54 basis points to 2.06% in the quarter.

Helen Wong, Group CEO of OCBC Bank poses for a portrait during an interview with Reuters in Singapore October 10, 2022. And while OCBC earned nearly half of its operating profit from Singapore, Greater China was the next-largest contributor, followed by Malaysia. She added that OCBC benefited from having both a brick-and-mortar and a strong digital footprint. This has increased attention on OCBC, which has the strongest capital position among Singapore banks. Sanford Bernstein analysts said in a report in June that OCBC had S$4.8 billion that could be used for acquisitions without the need to raise capital.

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