Singapore Stock Market News

OCBC - Strong fees, NIM expansion

StockFanatic
Publish date: Wed, 30 Apr 2014, 03:47 PM
StockFanatic
0 10,453
Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
1Q14 core net profit of S$867m exceeded expectations, at 29% of our FY14 forecast and 30% of consensus.

The outperformance came from:
1)stronger-than-expected fees, as wealth-management fees surprisingly held up in a quiet quarter;

2) strong trading income;

3) strong contributions from GEH;

4) controlled cost growth; and

5) lower-than-expected provisions.

With this strong set of results, we see room for earnings upside, though we keep our EPS, Hold rating and GGM-based target price pending its results briefing this afternoon.
Read more »
Discussions
Be the first to like this. Showing 0 of 0 comments

Post a Comment