The bank’s allowances for this quarter rose 165% to $658 million, from last year’s $248 million; specific allowances of $275 million were made for a Singapore corporate account in oil trading.
SINGAPORE (May 8): Oversea-Chinese Banking Corporation (OCBC) posted a 43% y-o-y fall in core earnings to $698 million for the 1Q2020 ended March, from $1.23 billion a year ago.
While OCBC enjoyed an 8% increase y-o-y in its banking operations operating profit, net profit for banking operations fell 28% owing to increased allowances to buffer against potential risks arising from the market uncertainly.
