(14 February 2005 – Singapore) OCBC has reported a stronger fourth quarter than many analysts expected, posting a S$279.16 million (A$216.2 million) profit compared with S$278.5 (A$215 million) a year earlier.While it may not sound particularly impressive, it beat the consensus forecast of S$266 million (A$206 million).
The stronger than expected result was attributed to a good performance from OCBC subsidiary Great Eastern Holdings Ltd as well as lower provisions.
OCBC is Singapore’s third largest lender and is controlled by the Lee Seng Wee family.
“No doubt we’ll have to work harder this year, given our higher base, the expected moderation in economic growth, and unrelenting competition in the home market,” OCBC chief executive David Conner said.