OCBC Posts Solid 1Q Result; Net Interest Margin Slightly Disappoints
Narrow-moat Oversea-Chinese Banking Corporation, or OCBC, wrapped up a positive first-quarter earnings season for the Singapore banks with a reasonably strong quarter of its own. Net profit rose 29% on the year-ago period and 8% against the prior quarter.The result has no impact on our thesis, and the bank is largely fairly valued relative to our unchanged fair value estimate of SGD 13.60, after a decline of almost 3% in its share price following the result. We believe the market is disappointe...
Oversea-Chinese Banking is engaged in the in the business of banking, life assurance, general insurance, asset management, investment holding and stockbroking. Co.'s segments include: Global Consumer Financial Services, which provides deposit products, consumer loans, credit cards and wealth management products; Global Corporate Banking, which provides long-term loans, short-term credit, deposit accounts and fee-based services such as cash management and custodian services; Global Treasury, which is engaged in foreign exchange activities, money market operations, fixed income, as well as structured treasury products; and Insurance, which provides both life and general insurance products.
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