Q1 net profit S$1.88 bln vs S$1.74 bln estimateSINGAPORE, May 10 - Singapore's second-biggest lender Oversea-Chinese Banking Corp
OCBC, which is also Southeast Asia's second-biggest bank by assets, said January-March net profit rose 39% to S$1.88 billion , beating the mean estimate of S$1.74 billion from five analysts polled by Refinitiv. OCBC reported a total net interest margin, a key gauge of profitability, of 2.30% for the first quarter, up from 1.55% in the same period a year earlier. The bank forecast a full-year net interest margin of about 2.2%, up from 2.1% previously.
The lender said it was starting to see growth in cross-border flows after China's reopening, but it was also closely monitoring volatility in developed markets and geopolitical tensions.
Source: Financial Digest (financialdigest.net)
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