OCBC: 3Q11 results weaker.
Net profit at $513m, -11% qoq, -10% yoy, vs consensus of $538m, dragged down by weaker financial markets-related income in both OCBC and Great Eastern.
Other areas continued to grow.
Fees and commissions grew 20% to $307m, led by increases in wealth mgt, loans and trade-related fees.
Net interest income grew 16% to $874m, underpinned by broad based loan growth of 27%, despite the 13bps decline in net interest margins to 1.85%.
Allowances for loans and other assets declined to $38m from $43m a yr ago, with NPL ratio further improving to 0.7% from 1.1% yoy.
Stock trades at 1.4x P/B.
Pre-results, the Street had 13 Buys, 8 Holds and 4 Sells, with recent TP btwn $8.30 – 10.50.
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