Published:
OCBC's net profit predicted to fall 16% to $587m
After adjusting to Great Eastern's weak results.
According to DBS, after adjusting for Great Eastern Holdings’ 2Q13 results, it estimates OCBC’s net profit at S$587m for the quarter (-16% q-o-q; -9% y-o-y).
It is worthy to take note that GEH's net profit tumbled to S$18.6m, because of markto-market losses at its non-par fund. But this was expected
as bond yields were volatile in late 2Q13.
Here's more:
Q-o-q, non-interest income would also be dampened by slower trading and investment gains, while sustaining NIM will remain challenging (we expect NIM to drop by 1-2bps q-o-q; 1Q13: 1.64%). Income from wealth management should remain firm.
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