OCBC misses Q4 expectations as bad debt allowances double
Quarterly profit up 11% at S$791m; allowances for loans jump to S$154m from S$68m
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WITH a doubled provision for bad debts in the fourth quarter, the latest financial results of Oversea-Chinese Banking Corporation (OCBC) played a similar tune to that of its competitor DBS in signalling caution over souring loans.
This comes even as OCBC - like DBS - noted no systemic weakness in loans linked to the commodities and the oil-and-gas sectors, which have been bruised by falling prices.
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