OCBC expects credit costs from Covid-19 impact to be higher than during GFC
Extent of fallout from pandemic remains "very uncertain", adds CEO: Q1 net profit down 43%
Singapore
OCBC'S group CEO Samuel Tsien expects cumulative credit costs to be between 100 to 130 basis points (bps) over the next two years - higher than during the global financial crisis (GFC) and similar to the Sars period.
The extent of economic fallout from the Covid-19 pandemic remains "very uncertain", with a strong recovery unlikely until 2021 at the earliest, he noted during a media briefing on the bank's first-quarter results.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
ECB’s Cipollone, Panetta see conditions for a June rate cut
Yangzijiang Financial says its maritime entry not a conflict of interest with shipbuilding unit
Trafigura faces off with aluminium bulls over huge metal stash
Seatrium bags S$11 billion in FPSO contracts from Petrobras
Pound boosted with BOE seen staying on hold until after election
AEM, UMS, NetLink and Baker Tech directors acquire stock