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.
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