OCBC - Strong fees, but rising NPLs | I3investor

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OCBC - Strong fees, but rising NPLs

StockFanatic

Publish date: Fri, 31 Jul 2015, 08:48 PM

OCBC's S$1,048m 2Q15 net profit beat our estimate by 6% and was 8% above consensus, due mainly to a S$105m net gain on the sale of GEH's stake in New China Life. Excluding the gain, 1H15 core net profit would have been broadly in line at 48%/50% of our/consensus full-year forecast. OCBC's fee engine remains robust, with strong growth in brokerage and investment banking fees while wealth management remains the key driver. NIMs did not disappoint, rising 5bp qoq on the back of improved customer loan yields. While the NPL ratio was relatively stable at 0.7%, there was a pick-up in oil & gas-related NPLs in Indonesia and Malaysia. We shave our estimates and lower our GGM-based target price to S$11.65. OCBC remains an Add, potentially catalysed by the realisation of synergies with Wing Hang Bank.

OCBC Bank (O39)

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