In addition, contributions by subsidiary Great Eastern Holdings (GEH) are likely to be less volatile in the years ahead. Since 1QFY2023, GEH has implemented SFRS 17 although more details of how the new reporting method affected results will only be shared in 1HFY2023.
Helen Wong, group CEO of Oversea-Chinese Banking Corp (OCBC) (SGX:O39
) , sounded somewhat upbeat during its results briefing on May 10.
OCBC’s net profit in 1QFY2023 ended March 31 increased 44% q-o-q and 39% y-o-y to $1.88 billion. This came in above analysts’ expectations of $1.55 billion and the new quarterly high was largely driven by the rise in non-interest income and lower allowances.
