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Analyst endorses OCBC results

Date: 28 Oct 2009

A banking analyst praises OCBC for maintaining asset quality after the bank unveiled its third quarter results. But he is neutral on its acquisition of the Asia private banking business of ING, with the deal viewed as pricey.

Keywords (click to search): [OCBC] [results] [ING] [David Conner]

Leigh Powell
A senior banking analyst in Singapore has endorsed OCBC’s third quarter results, but says the jury is still out on its acquisition of ING’s Asian private banking business.

“I think it is a good set of results,” he told asiamoney.com after the Singaporean bank revealed its third quarter performance. “OCBC did pretty well in terms of asset quality.”

Oversea-Chinese Banking Corp. reported a 12% year-on-year increase in net profit to S$450 million (US$321 million) during the three months to September 2009.

It was driven by a S$209 million profit from life assurance, a 44% year-on-year increase. This was propelled by the performance of the Singapore Non-Participating Fund, as a recovery in equity and credit markets continued into the third quarter.

Net trading income climbed 59% year-on-year to S$94 million because of favourable market conditions. The bank recorded a net gain of S$35 million from...

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