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% plunge in first-quarter net profit on Friday.
"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. 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.
Kevin Kwek, a senior analyst at research firm Sanford C. Bernstein in Singapore said OCBC earnings were always more volatile versus other local lenders especially in times of market volatility - because of its insurance subsidiary.
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