OCBC's non-interest income ventures to drive ROEs quicker
The bank's asset quality remains healthy despite a blip in 1Q12.
According to DBS Vickers, OCBC's non-interest income ventures will drive ROEs quicker over the longer term without utilising too much capital.
Here's more from DBS:
Separately, OCBC’s asset quality remains healthy despite a blip in 1Q12 but its NPL ratio remained the lowest while proportion of current loans classified as NPLs are the highest. UOB remains a Hold with S$19.50 TP as we believe positives are largely priced in and the stock has outperformed peers. We strongly advocate accumulating Singapore banks as they are safe bets given robust asset quality and are strongly capitalized even with Basel III adoption. Overall drivers are very much Asian-centric with minimal European exposure.
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