Monday, 29 April 2013

OCBC's Q1 net profit down 16% at S$696m

OCBC Group on Tuesday posted first-quarter net profit of S$696 million for the period ended March 31, 2013, 16 per cent lower from S$832 million a year ago.
Excluding gains from the divestment of non-core assets, core net profit after tax of S$696 million was 12 per cent lower year-on-year, compared to S$790 million in 1Q12.
The corresponding quarter a year ago had included significantly higher trading income and mark-to-market investment gains from the insurance business, OCBC said.
Net interest income of S$912 million fell 4 per cent from S$951 million a year ago, as revenue from asset growth was offset by the impact of lower net interest margin.
Non-bank customer loans grew 10 per cent from a year ago, with broad-based growth across consumer, corporate and SME segments in most key markets, it said.
Asset quality remained strong. The non performing loan rate was 0.7 per cent at end-March, an improvement from 1.0 per cent a year ago.
Annualised return on equity, based on core earnings, was 11.7 per cent, a drop from 14.7 per cent a year earlier.

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