OCBC CEO Signals Caution on Inflation, Slowing Global Growth
- Net income slightly misses; raised outlook for lending margin
- Singapore’s lenders have so far benefited from higher rates
Oversea-Chinese Banking Corp. (OCBC) in Singapore.
Photographer: Lionel Ng/BloombergThis article is for subscribers only.
Oversea-Chinese Banking Corp. slightly raised its outlook for lending margins for the year while sounding caution on the economic outlook and the impact of higher interest rates.
Net interest margin for 2023 will be above 2.2%, Chief Executive Officer Helen Wong said in a presentation Friday after reporting a second-quarter profit that jumped 34% from a year ago. Net income rose to S$1.71 billion ($1.3 billion), just shy of the S$1.74 billion average estimate of five analysts surveyed by Bloomberg.