Singapore bank shows encouraging results
(23 February 2012 – Asia) Singapore’s largest local bank by market capitalisation – the Overseas Chinese Banking Corporation Ltd (OCBC) reported encouraging operating results for the year.
An 18 percent increase was reported in fourth-quarter profit, to US$475 million (A$446 million) from US$403 million year-on-year.
For all of 2011, OCBC’s net income rose 3 percent to US$1.8 billion on more loans to the general commerce sector, housing loans and lending to professionals and individuals.
OCBC’s net interest income grew 20 percent from 2010 to US$739 million.
"Our results for 2011 underscore the strength of our customer franchise in a challenging operating environment," said chief executive David Conner.
Analysts noted that loan growth was significant for all Singapore banks during the fourth quarter. They had expected this improvement to counterbalance a slight drop of net interest margins.
OCBC’s global network consists of more than 530 branches with representative offices in 15 countries and territories.
For all of 2011, OCBC’s net income rose 3 percent to US$1.8 billion on more loans to the general commerce sector, housing loans and lending to professionals and individuals.
OCBC’s net interest income grew 20 percent from 2010 to US$739 million.
"Our results for 2011 underscore the strength of our customer franchise in a challenging operating environment," said chief executive David Conner.
Analysts noted that loan growth was significant for all Singapore banks during the fourth quarter. They had expected this improvement to counterbalance a slight drop of net interest margins.
OCBC’s global network consists of more than 530 branches with representative offices in 15 countries and territories.
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