Find out what badly hurt OCBC's FY13 results

Numbers are just slightly above expectations.

According to OSK DMG, OCBC’s FY13 earnings dipped 2% y-o-y, weighed down by unrealised MTM losses from its insurance unit and lower trading income.

OCBC’s core earnings of SGD663m (-6% q-o-q) for 4Q13 and SGD2.77m for FY13 (-2% y-o-y) were in line with street forecast (SGD2.70bn) but 3.5% ahead of our estimate of SGD2.67bn.

Here's more from OSK DMG:

The variance was mainly due to lower-than-expected operating expenses and loan provisions. It has proposed a final dividend of 17 cents per share.

Dampened by GE and lower trading income. FY13 earnings were largely moderated by: i) a 13% y-o-y drop in profit from Great Eastern (GE SP, NR) as a result of unrealised mark-to-market (MTM) losses in its non-participating fund, and ii) a 49% y-o-y decline in net trading income to SGD262m. Ex-Great Eastern contribution, FY13 core net profit was up 1% y-o-y at SGD2.23bn owing to higher profits from associates (+88% y-o-y) and lower loan allowances (-2% y-o-y). On the positive side: i) loans and deposits grew a robust 18% y-o-y and 19% y-o-y, respectively, ii) NIM was stable throughout the four quarters, and iii) fee income grew 13% y-o-y, led by wealth management (+28% y-o-y), loan-related income (+13% y-o-y) and credit cards (+28% y-o-y).

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia