OCBC's deteriorating asset quality finally recovers
Absolute non-performing loans declined 13% in 2Q12.
Here's more from OCBC:
Asset quality improves. Having seen asset quality deteriorate over the past two consecutive quarters (due to a bank-wide cleanup of its loan books in 4Q11 and on several Malaysian corporate loans in 1Q12), 2Q12 absolute NPLs declined 13% QoQ due to higher recoveries, with its gross NPL ratio coming in at 0.9% versus 1% in 1Q12. Loan loss coverage remains robust at 125%. Credit cost was benign at 13 bps in 2Q12 versus 27 bps in 1Q12.
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