SINGAPORE: Singapore's second-largest lender Oversea-Chinese Banking Corp (OCBC) more than doubled its loan loss provisions due to the coronavirus ...
SINGAPORE: Singapore's second-largest lender Oversea-Chinese Banking Corp more than doubled its loan loss provisions due to the coronavirus and warned of a"very uncertain" economic outlook, as it posted a 43 per cent plunge in first-quarter net profit on Friday .
The worse-than-expected performance pushed OCBC's profit to the lowest in seven years, as it joined larger Singapore peer DBS Group and global banks in building defences against credit losses amid the pandemic."We paid close watch on our credit portfolio against the market uncertainty, and significantly shored up our allowances on a forward-looking basis," OCBC CEO Samuel Tsien said in a statement.
The bank's net profit fell to S$698 million in January to March from S$1.23 billion a year earlier - well below an average estimate of S$941 million from four analysts, according to Refinitiv data. OCBC's provisions for credit losses swelled to S$657 million from S$249 million a year earlier, as it built up a buffer for"stresses expected against the recessionary market outlook" and factored in allowances for a Singapore oil trader.
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