OCBC's profit slipped 5.8% to $715m in 4Q13

Here are 2 things analysts blame for it.

According to Maybank Kim Eng, OCBC’s 4Q13 core PATMI of SGD715m (-5.8%QoQ, +7.8% YoY) was in line with forecast of SGD720m but outstripped consensus estimate of SGD610m.

The difference could be traced to: 1) lower-than-expected 4Q13 overhead expenses (+4.7% QoQ, -1.5% YoY) on well-contained staff costs (-4.2% QoQ, -4.4% YoY), and 2) lower-than-expected specific allowances.

Here's more from Maybank Kim Eng:

These two factors more than made up for the decline in trading and insurance incomes. We fine tune after FY14-16 by a marginal 1% after incorporating FY13 data.

Net interest margin (NIM) improved marginally to 1.64% (+1bp QoQ, unchanged YoY) in 4Q13, having stayed stable over the past four quarters.

Loan growth was stronger than expected (+4.8% QoQ, +17.9% YoY), fuelled by higher trade finance (+20% QoQ, +59.4% YoY).

Non-performing assets (NPAs) fell 2.5% QoQ to SGD1.3b in 4Q13 after an unexpected 14.1% QoQ hike in NPLs in 3Q13. Net new NPL formation slowed down in 4Q13.

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