OCBC Posts Weaker Fourth-Quarter Result on Higher Provisioning; FVE of SGD 12 Unchanged
Oversea-Chinese Banking Corporation, or OCBC, reported a slightly weaker fourth-quarter result. Net profit of SGD 3.5 billion for the full year was 11% lower than fiscal 2015 and slightly below our more optimistic SGD 3.7 billion forecast. The softer result was mainly driven by higher provisioning for the oil and gas sector in the fourth quarter, which saw the full-year allowance at SGD 726 million, versus our SGD 494 million forecast, a softer result for the insurance business from higher sales...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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