OCBC: (S$8.78) 1Q16 missed on spike in provisions
- 1Q16 net profit of $856m (-14% y/y, 11% q/q) missed street estimates of $916m.
- Net interest income (+5% y/y, -3% q/q), mainly led by improved net interest margin.
- Loans contracted (-1% y/y, -1% q/q)
- Provisions surged 162% (-13% q/q) from allowances stemming from the O&G support services portfolio.
- Trading at 1.07x P/B vs peers DBS at 0.96x P/B and UOB at 1.03x P/B.
No comments:
Post a Comment