OCBC flags volatile investing climate as headwind; Q1 earnings dip 10%
OCBC’s very low credit cost was the key help, analysts said.
Tay Peck Gek
OCBC chief executive Helen Wong has flagged a volatile investing environment as a headwind, and expects customers to be “not as active as last year”. This comes as the bank reported a 10 per cent dip in quarterly earnings, partly due to lower wealth management fees and trading income.
OCBC generated S$1.36 billion in earnings for Q1 FY2022 to March, according to financial statements released on Friday (Apr 29). While this was lower year on year, it beat analysts' expectation of S$1.2 billion.
OCBC's total income slid 9 per cent to S$2.64 billion in Q1 FY2022. Non-interest income declined 23 per cent to S$1.14 billion, amid a more volatile investing climate.
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