The Business Times
business-time-50

OCBC profit up 39% for Q1 to record S$1.9 billion

Tan Nai Lun
Vivienne Tay

Tan Nai Lun &

Vivienne Tay

Published Wed, May 10, 2023 · 07:38 AM
    • The earnings beat the S$1.6 billion consensus forecast in a Bloomberg survey of five analysts.
    • The earnings beat the S$1.6 billion consensus forecast in a Bloomberg survey of five analysts. PHOTO: REUTERS

    OCBC ’s net profit for its first quarter rose 39 per cent to S$1.9 billion, buoyed by strong net interest income growth.

    This was compared with S$1.4 billion for the year-ago period; the earnings also beat the S$1.6 billion consensus forecast in a Bloomberg survey of five analysts.

    At the bank’s earnings briefing on Wednesday (May 10), OCBC group chief executive Helen Wong noted that the record results came despite global volatility.

    OCBCFinancial resultsSingapore banks

    TRENDING NOW

    As demand for US bonds falls and yields rise, capital is typically drawn into the greenback, causing capital outflows from emerging market currencies.

    Why US$100 oil, 5% US yields affect Singdollar, ringgit differently vs other Asean currencies

    The Golden Violet oil tanker docked at a PT Pertamina facility in Tanjung Priok Port in Jakarta, Indonesia. Asia’s new energy security architecture should have a support mechanism to help Asian countries build emergency oil reserves through financing and technical assistance.

    Asia needs new energy security architecture

    Asian investors continue to allocate capital to global markets, while maintaining significant exposure to US assets. 

    Despite the de-dollarisation debate, demand for dollar liquidity in Asia is growing

    Anthropic has initiated local hiring across several operational roles to support the new entity.

    Anthropic to open Singapore office in October, sees it as a ‘standout market’ for Claude

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More