Singapore banks on the up and up
(4 May 2004 – Singapore) The run of good results for Singapore banks has continued with OCBC posting a first quarter profit increase of 60.5 percent.
The bank, which is the third largest in Singapore, earned a net profit of S$256 million (A$209 million) in the three months to March 31, 2004, compared with S$159.4 million (A$130 million) for the same period last year.
OCBC chief executive David Conner said the result marked a "good start" for 2004.
"We will build on the revenue momentum in a steadily improving economic environment. We will continue to pursue strategic initiatives that will strengthen OCBC’s longer term growth prospects, as exemplified by our recent moves pertaining to Great Eastern Holdings and Bank NISP," he said.
OCBC took a 22.5 percent stake in Bank NISP on April 28.
Last week, Singaporean bank DBS posted record quarterly earnings of $S488 million (A$235 million), an 80 percent increase on the previous year, built on a strong treasury banking performance.
Next quarter’s results are expected to show strong net profit increases for both banks as last year’s quarter was impacted by the SARS virus.
OCBC chief executive David Conner said the result marked a "good start" for 2004.
"We will build on the revenue momentum in a steadily improving economic environment. We will continue to pursue strategic initiatives that will strengthen OCBC’s longer term growth prospects, as exemplified by our recent moves pertaining to Great Eastern Holdings and Bank NISP," he said.
OCBC took a 22.5 percent stake in Bank NISP on April 28.
Last week, Singaporean bank DBS posted record quarterly earnings of $S488 million (A$235 million), an 80 percent increase on the previous year, built on a strong treasury banking performance.
Next quarter’s results are expected to show strong net profit increases for both banks as last year’s quarter was impacted by the SARS virus.
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