- OCBC (SGX:O39)'s 4Q22 results missed estimates. OCBC reported 4Q22 revenue of S$3.0bn (+18% y-o-y/-5% q-o-q) with net profit of S$1.3bn (+34% y-o-y/-19% q-o-q), below consensus expectations, as Great Eastern (SGX:G07) dragged non-interest income due to lower profit from insurance, and there were higher q-o-q credit costs due to higher general allowances.
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- Capital ratios remained strong with the CET1 and total CAR at 15.2% and 17.7%, respectively, the highest among peers.
Record net interest income on the back of higher margins.
- OCBC's 4Q22 net interest income of S$2.4bn increased 60% y-o-y and 14% q-o-q as a result of an impressive 79bps/25bps NIM expansion y-o-y/q-o-q, respectively.
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Non-interest income dragged by lower profit from insurance.
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